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Youku Tudou Announces Fourth Quarter And Fiscal Year 2012 Unaudited Financial Results
"I am pleased with our financial and operational performance in the fourth quarter, which was the first full quarter for the merged Youku-Tudou company. We managed solid revenue growth and the net loss for the combined company has narrowed materially despite sales disruption brought on by the reorganization of our sales team after the merger," said Victor Koo, Chairman and Chief Executive Officer of Youku Tudou. "Even as the integration process is proceeding well, we expect temporary business impact from this large-scale merger but we are optimistic that the second half of 2013 will see more revenue growth momentum and cost synergies. In 2013, we also plan to start monetizing the significant growth in our mobile traffic as our daily mobile video views exceeded 100 million by the end of 2012." Dele Liu, President of Youku Tudou, commented, "In terms of cost structure, the fourth quarter results reflect early synergies resulting from the merger, especially in bandwidth and personnel related expenses. We expect this trend to continue into 2013, supported by the overall improvement of our unit economics due to the ongoing growth in traffic, especially the significant growth from mobile devices. In addition, we are strengthening our in-house productions offering to reduce our reliance on professional licensed content as well as generate additional revenues through program sponsorship and product placements." Fourth Quarter 2012 Highlights * Consolidated net revenues were RMB635.8 million (US$102.1 million),a 30% increase from the pro forma combined net revenues for the corresponding period in 2011. * Consolidated gross profit was RMB116.3 million (US$18.7 million), a 62% increase from the pro forma combined gross profit for the corresponding period in 2011. Consolidated or pro forma combined non-GAAP gross profit is herein defined as consolidated or pro forma combined gross profit excluding share-based compensation expenses and amortization of intangible assets from business combination in relation to user generated content. Consolidated non-GAAP gross profit was RMB129.1 million (US$20.7 million) in the fourth quarter of 2012, an increase of 74% from the pro forma combined non-GAAP gross profit for the corresponding period in 2011. * Consolidated net loss was RMB113.6 million (US$18.2 million), a 43% decrease from the pro forma combined net loss for the corresponding period in 2011. Consolidated or pro forma combined non-GAAP net loss is herein defined as consolidated or pro forma combined net loss excluding share-based compensation expenses, amortization of intangible assets from business combination and business combination related expenses. Consolidated non-GAAP net loss was RMB62.3 million (US$10.0 million) in the fourth quarter of 2012, a decrease of 64% from the pro forma combined non-GAAP net loss for the corresponding period in 2011. * Consolidated basic and diluted loss per ADS, each representing 18 Class A ordinary shares, for the fourth quarter of 2012 amounted to RMB0.69 (US$0.11) and RMB0.69 (US$0.11), respectively. * Consolidated cash, cash equivalents, restricted cash and short-term investments totaled RMB3.8 billion (US$605.9 million) as of December 31, 2012. * Consolidated acquisition of property and equipment for the fourth quarter of 2012 was RMB24.4 million (US$3.9 million). * Consolidated acquisition of intangible assets for the fourth quarter of 2012 was RMB111.1 million (US$17.8 million). Fiscal Year 2012 Highlights * Consolidated net revenues were RMB1.8 billion (US$288.2 million). * Consolidated gross profit was RMB296.0 million (US$47.5million). Consolidated non-GAAP gross profit was RMB335.3 million (US$53.8 million) in 2012. * Consolidated net loss was RMB424.0 million (US$68.1 million). Consolidated non-GAAP net loss was RMB244.7 million (US$39.3 million) in 2012. * Consolidated basic and diluted loss per ADS, each representing 18 Class A ordinary shares, for 2012 amounted to RMB3.20 (US$0.51) and RMB3.20 (US$0.51), respectively. * Consolidated acquisition of property and equipment in 2012 was RMB90.2 million (US$14.5 million). * Consolidated acquisition of intangible assets in 2012 was RMB362.0 million (US$58.1 million).
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