Youku Tudou Q1 Loss Narrows - Update

(RTTNews) - Youku Tudou Inc. (YOKU), the biggest online video company in China, Thursday reported a loss for the first-quarter that narrowed from a year ago, driven mainly by higher revenue growth and also lower expenses.

Youku Tudou, formed from merger of Youku and Tudou-- China's two largest online video websites, said first-quarter loss narrowed to 224.7 million yuan or 1.34 yuan per ADS from 232.5 million yuan or 1.42 yuan per ADS last year. On a US dollar basis, loss for the quarter was $36.1 million or $0.22 per ADS.

On average, ten analysts polled by Thomson Reuters expected a loss of 1.42 yuan per share for the quarter. Analysts' estimates typically exclude special items.

Adjusted loss for the quarter was 148.3 million yuan, compared to the 182.1 million yuan reported last year.

Beijing, China-based Youku's revenues for the first quarter rose 36 percent to 700.37 million yuan from 516.00 million yuan last year. On a US dollar basis, revenues were $112.67 million. Analysts expected revenues of 712.74 million yuan for the quarter.

General and administrative expenses dropped to 46.8 million yuan from 83.4 million yuan last year.

Youku Tudou's bottom line has been in the red since listing on the New York Stock Exchange. Although, Chinese internet market continues to grow, Youku Tudou's online video market now faces competition from other internet companies including Chinese search giant Baidu.

Looking forward to the second quarter, the company expects revenues of 940 million to 1 billion yuan. Analysts currently expect second-quarter revenues of 1.02 billion yuan.

YOKU closed Thursday's trading at $20.40, down $0.61 or 2.90%, on the NYSE. The stock, further dropped $0.21 or 1.03%, in after-hours trade.