VisionChina Media Falling After Guidance Cut
VisionChina Media (NASDAQ: VISN) is trading lower on the session following is trading lower on the session followings its guidance update this morning. The company lowered its Q2 revenue expectations to $28-29 million vs $40.0-43.0 million estimates.
Mr. Limin Li, VisionChina Media's chairman and chief executive officer, stated, "We are committed to providing as much transparency around our results as possible, and in as timely a manner as we can. Several factors led to this revised guidance, including further declining contribution from the internet-based businesses sector, a slower-than-expected recovery in advertising spending by small- and medium-sized clients in reaction to rate-card increases across our network in the fourth quarter of 2011, and the cautious sentiment of the current advertising market."
VisionChina Media is currently trading at $0.723, a loss of $0.207 or 22.28%.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.