Youku Tudou (YOKU) Misses Q3 EPS by 1c, Offers Q4 Outlook; CFO Announces Resignation

Youku Tudou (NYSE: YOKU) reported Q3 EPS of ($0.08), $0.01 worse than the analyst estimate of ($0.07). Revenue for the quarter came in at $180 billion.

Business Outlook

For the fourth quarter of 2014, the Companyexpects net revenues will be between RMB1.15 billion and RMB1.22 billion, with advertising net revenues contributing between RMB1.01 billion and RMB1.07 billion. This forecast reflects the Company's current and preliminary view, which is subject to change.

Departure of Chief Financial Officer

The Company today announced that its Chief Financial Officer, Mr. Ge Xu, is resigning from his position at the Company due to personal reasons, and will be effective when the Company submits its 2014 20-F filing.

Mr. Xu joined the Company in October 2011 and has made significant contributions to the Company's growth and development, including enhancing the Company's financial systems and internal controls.

Mr. Victor Koo, Chairman and Chief Executive Officer of Youku Tudou, said, "I'd like to thank Michael for his significant contributions to the Company. We wish him the best with his future endeavors."

"During these years in Youku Tudou, I had a lot of fun and excitement, which not many people are privileged to experience. For this, I am grateful to all my colleagues," commented Mr. Xu.

The Company noted that there were no disagreements between Mr. Xu and Youku Tudou's Board of Directors or management and that his departure is not related to the Company's operations, policies, practices or any issues regarding the integrity of Youku Tudou's financial statements or accounting policies and practices.

For earnings history and earnings-related data on Youku Tudou (YOKU) click here.

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