China Finance Online Co. net revenues for Q1 2013 were $5.5 million compared with $9.1 million for the first quarter of 2012 and $5.2 million for the fourth quarter of 2012. The company stated that the decline was due to the Company’s strategic transition amid a challenging business environment. Gross profit was $3.6 million compared with $7.1 million for the first quarter of 2012. Net loss attributable to China Finance Online was $4.3 million.
“We continue to believe that internet will play a huge role in China’s financial industry. Adapting to a changing business environment, we streamlined our business structure in 2012 and accelerated our expansion into internet-based financial services. To ensure our competitive position, we continue to leverage on our massive user base to consolidate internet resources and collaborate with industry leaders who offer complementary intellect and services. Our Hong Kong-based brokerage arm continues to expand its product offerings in securities and futures trading on global exchanges. Despite the sluggish domestic stock market, we are proactively adapting ourselves to the evolving industry through integrating our proven capabilities in financial information, financial service and internet capabilities,” commented Zhiwei Zhao, Chairman and CEO of China Finance Online.
Source: China Finance Online