Earnings: Rediff Q2 Revenue Rises 18 Percent; Profits Drop 40 Percent on Higher Costs
By Joseph Weisenthal - Thu 01 Nov 2007 08:17 AM PST
Rediff.com has announced a Q2 revenue increase of 18 percent to $7.8 million from $6.6 million in the year-ago period. Net income went the other way, dropping 40 percent to $890K from $1.5 million, largely the result of higher operating expenses and depreciation/amortization. On a per ADS basis, earnings dropped to $.029 from $.05. The stock is currently off close to 8 percent, as revenues came in on the light side of Reuters consensus estimates. Some highlights:
-- India Online revenues grew 22 percent to $5.73 million, as registered users grew 25 percent to 59.8 million. The company now has 190 advertisers, up from 160 in the year-ago period. Additionally, it has diversified its advertiser base, as the top 10 biggest advertisers now account for 45 percent of total ad revenue, down from 57 percent last year.
-- US Publishing grew by 9 percent to $2.13 million from $1.95 million a year ago.
-- Currency effects associated with the weak US dollar shaved $120,000 off the company’s bottom line.
Posted in: Companies, Rediff, Earnings
