Third quarter net revenues were $180 million in the three months to end September. While gross profit was up 200% at $40.2 million, net losses came in at $16.7 million, down 17% compared with the same period last year.
“We made positive progress in the third quarter in improving the effectiveness of multi-screen advertising solutions and growing our new consumer revenue streams,” said CEO Victor Koo, who said that the company’s app is now the second most popular in China after Tencent’s ubiquitous WeChat.
The company, which is 16.5% owned by the recently floated e-commerce giant Alibaba, has recently announced an alliance with Alibaba on ‘big data,’ launched into film production through subsidiary Heyi Film and signed to produce a Chinese version of popular reality TV format “Big Brother.”
More to follow.