Youku Tudou Posts Q3 2012 Consolidated Loss of RMB 92 Mln
Youku Tudou, 11/29/12
Chinese online video site operator Youku Tudou (NYSE: YOKU) has announced its financial results for the three months ended September 30, 2012. Q3 2012 consolidated net revenues were RMB 502.2 mln (USD 79.9 mln), of which Youku's net revenues were RMB 483.5 mln (USD 76.9 mln), representing an 84% increase YoY from the corresponding period in 2011.
Due to the fact that the sales activities of Youku and Tudou were separately operated until the end of Q3 2012, the financial results of Youku and Tudou are separately disclosed to reflect the Company's actual operational results and performance. In addition, comparison of Tudou's financial results with previous periods cannot be provided because the cut-off date of previous periods would not reflect a consistent basis of comparison. From the fourth quarter 2012 onwards, consolidated financials of Youku Tudou for the full periods will only be presented on a consolidated basis.
Consolidated net loss was RMB 91.5 mln (USD 14.6 mln), of which Youku's net loss was RMB 91.5 mln (USD 14.6 mln), as compared to a net loss of RMB 47.5 mln (USD 7.6 mln) for the same period in 2011. This increase was primarily due to Youku, as the holding company, incurring further net loss from Tudou after the completion of the merger between the two companies.
The growth in revenue was primarily attributable to the increased average spending per advertiser from RMB 1.0 mln to RMB 1.7 mln and increased number of advertisers from 296 to 316, representing an increase of 70% and 7% YoY, respectively, from the corresponding period in 2011.
Consolidated bandwidth costs as a component of cost of revenues were RMB 136.6 mln (USD 21.7 mln), of which Youku's bandwidth costs were RMB 112.9 mln (USD 18.0 mln) in the third quarter of 2012, representing 23% of Youku's net revenues, as compared to 35% in the corresponding period in 2011.
Consolidated content costs as a component of cost of revenues were RMB 182.0 mln (USD 29.0 mln) in the third quarter of 2012, of which Youku's content costs as a component of cost of revenues were RMB 136.4 mln (USD 21.7 mln) in the third quarter of 2012, representing 28% of Youku's net revenues, as compared to 26% in the corresponding period in 2011. The increase was primarily due to content price increase during 2011.
Consolidated in-house content production cost was RMB 9.5 mln (USD 1.5 mln) in the third quarter of 2012, of which Youku's in-house content production cost was RMB 8.0 mln(USD 1.3 mln) in the third quarter of 2012, as compared to RMB 8.6 mln (USD 1.4 mln) in the corresponding period in 2011.
For the fourth quarter of 2012, the Company expects net revenues will be between RMB 610 mln and RMB 630 mln, with advertising net revenues grow by RMB 560 mln to RMB 585 mln.
To view the complete report please see here.
Editor's Note: For more background on this topic, please see "Youku Completes Tudou Acquisition" MD 8/23/12 issue.
Keywords: Internet loss revenue online video Tudou Youku Tudou YOKU Q3 2012 fiscal report video advertising
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