ChinaNet Q2 2010 Profit Up 223% YoY
PRNewswire-Asia, 8/17/10
Chinese online and TV advertising firm ChinaNet Online Holdings (NYSE Amex: CNET) has announced its Q2 2010 financial results. Revenues for the second quarter of 2010 increased 28.3% to USD 12.0 mln compared to USD 9.4 mln for the second quarter of 2009.
Net income for the second quarter was USD 4.2 mln, an increase of 222.8% compared to USD 1.3 mln reported in the same period of the prior year.
Revenue from internet advertising increased 87.0% year-over-year to USD 7.8 mln, and comprised 65.0% of total revenue. Growth was driven by increased business from existing customers and continued success in acquiring new customers through branding and marketing investments made over the past year. Revenues generated by TV advertising during the second quarter of 2010 declined 15.2% year-over-year to approximately USD 4.0 mln or 33.4% of total revenues.
In the second quarter of 2010, 150 new customers (including 15 branded clients) were added to 28.com, ChinaNet's franchise gateway business. During the second quarter of 2010, the weighted average of active Internet advertising customers was approximately 700, which included 30 branded clients. Branded clients pay a premium for additional services, such as brand management, search engine marketing, search engine optimization, internet information management and others.
Management reaffirmed 2010 revenue guidance of USD 45 mln and net income guidance of USD 14.1 mln, which represents 19% and 67.9% year-over-year growth, respectively.
For ChinaNet's full financial report for Q2 2010, click here.
Keywords: 28.com TV advertising guidance Internet profit revenue CNET Q2 2010 online advertising fiscal report online search online franchising
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