ChinaNet Q3 2010 Profit Up 100% YoY
ChinaNet, 11/06/10
Chinese online and TV advertising firm ChinaNet Online Holdings (Nasdaq: CNET) has announced its financial results for the three months ended September 30, 2010. Revenues for the third quarter of 2010 increased 9.5% YoY to USD 8.9 mln, as compared to USD 8.1 mln for the third quarter of 2009.
Adjusted net income for the quarter was USD 3.9 mln, an increase of 100% YoY from USD 1.9 mln in Q3 2009.
Internet advertising increased 50.3% YoY to USD 7.1 mln and comprised 79.9% of total revenue. Growth was driven by focused marketing campaigns which resulting in net new customer additions, including new premium franchise customers, which was complemented by the sell through of additional web based services to the Company's installed customer base. Q3 2010 TV production and advertising service revenues declined 48.5% YoY to approximately USD 1.6 mln, or 18.0% of total revenues. As of September 30, 2010, the number of active customers for the Company's internet advertising business was 758, which was up 8% from previous quarter. The number of customers utilizing the TV advertising business was 148 and approximately 20% of these customers were serviced by both platforms.
ChinaNet expects 2010 net income of USD 14.1 mln, which would represent growth of 67.9% YoY.
To view the complete report please see here.
Keywords: TV advertising Internet profit revenue CNET ChinaNet Q3 2010 online advertising fiscal report
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