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China Finance Online down after posting 2Q loss
NEW YORK (AP) — Shares of financial data provider China Finance Online Co. fell Friday after it reported a loss and a drop in revenue for its latest quarter.
The U.S.-listed shares fell 73 cents, or 6.8 percent, to $10.07 in afternoon trading.
The Beijing-based company said it lost $2.4 million, or 11 cents per American depositary share, in the second quarter, which ended June 30. It earned $4.6 million, or 20 cents per ADS, in the same quarter a year earlier.
Sales fell 16 percent to $12.3 million.
China Finance had 109,900 active paying individual subscribers at the end of the quarter, up from 100,600 a year ago.
The company said it believes the Chinese economy is still in a slow rebound mode after the financial crisis, "and the path to a full recovery will be choppy."
It expects net revenue of $12 million to $13 million for the current quarter of 2009, compared with $15.23 million in last year's third quarter.