Xinhua Finance Media Ltd. reports Q2 revenue above the Street, guides for higher revenue
Shares of Xinhua Finance Media Ltd. (Nasdaq: XFML) are trading higher ahead of the opening bell this morning after the Chinese financial and entertainment media company reported second-quarter revenue above estimates and issued revenue guidance above current expectations.
For the three months ended June 30, Xinhua Finance Media booked revenue of $29.0 million, while four analysts polled by Thomson Financial were expecting revenues of $23.39 million. Revenues increased 222% from a level of $9.0 million in the second quarter last year.
Net income increased 748% year-over-year to $2.8 million from $0.3 million in the second quarter of 2006.
Xinhua Finance Media also issued revenue guidance for the third quarter and full year. For the third quarter the Chinese company said it estimates revenue in the range of $35 million to $37 million. Four analysts polled by Thomson Financial were forecasting revenues of $33.35 million for the third quarter. Xinhua Finance Media said it expects full-year revenue between $128 million and $133 million based on contributions from recent acquisitions. Four analysts polled by Thomson Financial had anticipated revenues of $113.82 million for the full year.
Shares of Xinhua Finance Media gained $0.54, or 6.11%, to $9.38 ahead of the bell.
