ChinaNet's stock rockets to pace early gainers after results

Discussion in 'Market News' started by sniper-academy, Apr 17, 2018.


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  1. sniper-academy

    sniper-academy Administrator Staff Member

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    Shares of ChinaNet Online Holdings Inc. rocketed 62% to pace all premarket gainers in active early trade Tuesday, after the China-based internet advertisement company reported reported a jump in fourth-quarter sales. The net loss for the quarter to Dec. 31 widened to $6.1 million, or 50 cents a share, from $3.1 million, or 20 cents a share, in the same period a year ago, while revenue increased 64.1% to $15.3 million from $9.4 million. There are no analyst estimates from FactSet. Revenue from search engine marketing and data service more than doubled to $13.1 million from $5.9 million, while total expenses as a percentage of revenue decreased 40.7% from 42.9%. "Realizing that our small-to-medium enterprise or SME customers are struggling as the Chinese economy slows down, we have actively migrated our business focus towards servicing larger customers and providing search-engine advertising solutions," said Chief Executive Handong Cheng. The stock had tumbled 38% over the past three months, but had still more than doubled year to date through Monday, while the S&P 500 had edged up 0.2% this year.

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