Youku.com Extends Net Loss In Chinese Internet Video Sector
Chinese online video website Youku.com Inc. today announced its unaudited financial results for the first quarter ended March 31, 2011, and provided investors with an 8% net loss.
While the company stated its revenues were CNY128.0 million — a 163% increase from the corresponding period in 2010 — its net loss was CNY46.9 million, an 8% decrease relative to the corresponding period in 2010. Operating loss was CNY45.8 million in the first quarter of 2011, representing a 7% decrease relative to the corresponding period in 2010.
Youku.com’s gross profit was CNY14.0 million, compared to a gross loss of CNY18.3 million for the corresponding period in 2010.
Bandwidth costs as a component of cost of revenues were CNY56.3 million in the first quarter of 2011, representing 44% of net revenues, down from 90% in the corresponding period in 2010. Content costs as a component of cost of revenues were CNY36.1 million, representing 28% of net revenues, compared to 17% in the corresponding period in 2010.
For the second quarter of 2011, Youku.com expects year-on-year growth in net revenues of 125% to 135%.