ChinaNet (CNET) Swings to Q3 Loss
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ChinaNet (NASDAQ: CNET) reported Q3 EPS of ($0.04), versus $0.05 reported last year. Revenue for the quarter came in at $12.1 million, versus $7.5 million reported last year.
Search engine marketing services, designed to help customers optimize their online search marketing effectiveness and maximize the sales leads generated from our integrated internet marketing solutions, generated approximately $5 million of revenues in the third quarter of 2014. Management believes this service will help increase overall customer satisfaction, thereby increasing recurring revenues and market share from online advertising and marketing services in the future. Internet advertising revenues fell by 23% to $4.6 million due to intensified competition in the industry and customers' hesitation on investing in advertising and marketing expenses.
TV advertising revenue increased by 224% to $1.8 million for the three months ended September 30, 2014 from $0.56 million for the same period in 2013. The increase in TV advertising revenue was primarily due to the effective efforts made by the management in response to the adverse effects of a restriction notice to TV shopping infomercials broadcasted in provincial satellite television stations, issued by the State Administration of Press, Publication, Radio, Film and Television of the People's Republic of China (the "SARFT") in October 2013, which further restricts the content, air time and duration of these infomercials. In addition, in response to uncertain business environment and policies, management will continue to shift more resources into the online advertising business while maintaining the ongoing business relationship with some selected provincial satellite television stations.
For earnings history and earnings-related data on ChinaNet (CNET) click here.
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