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Youku (NYSE: YOKU) shares are selling off sharply following second quarter top and bottom line misses from Tuesday afternoon.
Revenue missed Wall Street's expectation by 3.6 percent at $153.5 million versus $159.2 million. Nonetheless, revenue is up 25 percent from the same quarter last year.
"By partnering with Alibaba on big data initiatives, we are enhancing our products to create an unique value proposition to advertising partners and consumers," said president Dele Liu regarding sales growth.
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Earnings came in at a $0.07 loss per share while analysts predicted just a $0.01 loss. The loss was led by a significant increase in sales and marketing expenses, along with cost of goods sold compared to 2013.
In the third quarter Youku expects revenue in the range of 1.09 billion and 1.13 billion renminbi.
Shares last exchanged hands at $19.82, 7.9 percent lower than Tuesday’s close.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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