Losses Continue In China For Internet Video Website
Chinese online video portal Ku6 Media Company Ltd., which was formerly named Hurray Holding Company Ltd., said it widened its net losses as it announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2010.
In the fourth quarter of 2010, total revenues from continuing operations grew to USD6.8 million, up 58.4% from USD4.3 million in the third quarter of 2010. Total revenues from continuing operations for fiscal year 2010 were USD16.6 million. In each quarter of 2010, Ku6 said it achieved sequential revenue growth of more than 30%. However, net loss from continuing operations was USD15.5 million in the fourth quarter of 2010, an increase of 21.6% from a loss of USD12.7 million in the third quarter of 2010.
Total revenues from continuing operations for fiscal year 2010 were USD16.6 million, and net loss from continuing operations was USD53.5 million in the fiscal year 2010, compared to net loss of USD6.3 million in the fiscal year 2009.
As of December 31, 2010, Ku6 reported that it had USD27.3 million in cash and cash equivalents, compared to USD40.1 million as of September 30, 2010, and USD49.7 million as of December 31, 2009.