Chinese online video website Youku.com Inc. today announced its unaudited financial results for the first quarter ended March 31, 2011, and provided investors with an 8% net loss.
While the company stated its revenues were CNY128.0 million — a 163% increase from the corresponding period in 2010 — its net loss was CNY46.9 million, an 8% decrease relative to the corresponding period in 2010. Operating loss was CNY45.8 million in the first quarter of 2011, representing a 7% decrease relative to the corresponding period in 2010.
Youku.com’s gross profit was CNY14.0 million, compared to a gross loss of CNY18.3 million for the corresponding period in 2010.
Bandwidth costs as a component of cost of revenues were CNY56.3 million in the first quarter of 2011, representing 44% of net revenues, down from 90% in the corresponding period in 2010. Content costs as a component of cost of revenues were CNY36.1 million, representing 28% of net revenues, compared to 17% in the corresponding period in 2010.
For the second quarter of 2011, Youku.com expects year-on-year growth in net revenues of 125% to 135%.
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