Feb. 28 2011 - 7:31 pm
http://blogs.forbes.com/ericsavitz/2011/02/28/youku-slides-after-hours-china-video-firms-q4-misses-estimates/?partner=yahootix
By ERIC SAVITZ
Shares of China-based video site Youku.com (YOKU) are getting clobbered in late trading after the company posted disappointing Q4 profits.
For the quarter, the company reported revenue of $23.1 million, ahead of the Street consensus at $20.8 million. But Youku also reported a loss of 13 cents per American depositary share, 10 cents worse than the Street consensus estimate of a loss of 3 cents. Revenue was up 183% from a year ago.
Meanwhile, Youku sees revenue for Q1 up 105%-115% from a year ago. And that’s a problem. For one thing, it shows an obvious slowdown from the fourth quarter. Also, the company in its IPO filing reported that Q1 2010 revenues were 48.613 million RMB, which translates to $7.4 million. At the top of the projected growth range of 105%-115%, the company would report 104.5 million RMB, which translates to $15.9 million, well short of the Street consensus at $18.9 million.
Youku went public in early December at $12.80 a share, and the stock quickly took off, trading as high as $50 within two days of the IPO. Over the last several trading days, the stock has heated up again, gaining 27% in the three days through today’s close. In Monday’s regular session, the stock rose $1.99, or 5%, to $41.59.
But in late trading, the stock has suffered a reversal: the shares are down $4.09, or 9.8%, to $37.50.
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