Rediff.com India Ltd. tumbles on fiscal Q1 sales result
Shares of Rediff.com India Ltd. (Nasdaq: REDF) are tumbling this morning after the worldwide online provider of news, information, communication, entertainment and shopping services to Indians worldwide reported its fiscal first year sales below the sole analyst estimate.
For the first three months ended June 30, Rediff.com India booked revenues of US$6.8 million. One analyst polled by Thomson Financial expected revenues of $9.1 million for the second quarter.
The India-based firm recorded net income of US$2.12 million, or $0.0726 per ADS, compared with net income of US$1.98 million, or $0.0682 per ADS, for the quarter ended June 30, 2006. One analyst polled by Thomson Financial expected earnings of $0.06 per share for the second quarter.
Shares of Rediff.com India slid 12.85%, or $2.58, to $17.50 in pre-market trading.
