Chinadotcom Corp. Revenues Rise
HONG KONG (AP) _ Nasdaq-listed Chinadotcom Corp. said revenues in the first quarter rose 84 percent over the previous quarter as it more than doubled the number of registered users to 4.5 million and ad revenues soared 105 percent.
The company, which went public in mid-July, reported its results in comparison to the prior quarter; conventionally companies’ earnings are compared to the same quarter of the previous year to blunt the effects of seasonal swings.
Total quarterly revenues reached $20 million, compared with $10.9 million in the quarter ended Dec. 31. Revenues from advertising totaled $9.3 million, while revenues from e-commerce leapt 88 percent to $10.2 million, the company said Wednesday.
Net income was $108.5 million, mostly from other market investments and the sale of a stake in a company entity. That compares with a net loss of $13 million in the October-December quarter, the pan-Asian Internet service provider said.
Chinadotcom held an IPO in July, becoming the first Chinese-language Internet company to list in the United States.
Shares of Chinadotcom were down 81 1/4 cents, at $30.06 1/4, on the Nasdaq Stock Market.