Focus Media Holding (FMCN) Jumps 7% After Hours
March 16, 2010 7:22 PM
Shares of Focus Media Holding Limited (Nasdaq: FMCN) jumped 7% during after-hours trading, after the company announced better than expected financial results.
Focus Media Holding reported a 4th quarter net loss of $52.5 million, or 39 cents per share, compared to a loss of $802.5 million, or $6.24 per share, a year earlier.
Excluding one-time items, Focus Media Holding earned $34.7 million, or 26 cents per share, down from a profit of $50 million, or 39 cents per share, a year earlier.
Revenue for the Chinese digital advertising company was down 8% to $144.3 million.
According to poll of analysts by Thomson Reuters, the average analyst forecast called for earnings of 21 cents per share, excluding items, on revenue of $131.8 million.
Focus Media Holding also reported positive guidance when it announced that 1st quarter net revenue for liquid crystal display networks, in-store networks and poster frame networks should come in at $78 million to $80 million, which would be about 23% higher than the same quarter a year earlier.
