China’s Youku Tudou today announced its unaudited financial results for first quarter 2013. The company reported a loss of RMB 1.42 ($0.23) per ADS, while the revenue for the three months period was RMB 516.0 million ($83.1 million), a 21 percent increase from the pro forma combined revenues. The losses reported for the quarter was of RMB 232.5 million ($37.4 million), a 12 percent up on the combined RMB 265.5 million ($42.7 million) posted during the same period last year.
“I am pleased with our progress. We are in the final phase of the merger integration process with Tudou and have completed the restructuring of our sales team in the first quarter. Our combined sales team is positively impacting demand and our increased scale is helping us to optimize our cost structure,” said Victor Koo, Chairman and Chief Executive Officer of Youku Tudou.
“The three key video mobile traffic metrics all recorded exciting growth in the first quarter and now we have over 100 million active monthly users, over 170 million daily video views and over 70 minutes average daily user time spent. We are emerging as the leading multi-screen online video platform in China as a result of this rapid rise in mobile traffic. Youku Tudou is developing product, content, marketing solutions and paid services across different screens to capitalize on the growing popularity of multi-screen video viewing behavior.”