Stock of China Finance rises after 1Q report
Shares of China Finance Online Co. rose Friday after the financial data provider beat expectations with its first-quarter results.
The U.S.-listed shares were up 46 cents, or 6.5 percent, at $7.54 in morning trading.
Late Thursday, the Beijing-based company reported net income of $140,000, or 1 cent per share, for the quarter that ended March 31. That compared with a loss of $128,000, or 1 cent per share, in the same quarter last year.
Revenue was $15.2 million, up 30 percent from a year earlier.
Analysts polled by Thomson Reuters had expected a loss of 3 cents per share on $13.5 million in revenue.
Rodman & Renshaw analyst Lewis Fang said the quarter was the strongest in recent memory, and he noted the company's roster of active subscribers increased by 11,200, the greatest amount since the fourth quarter of 2008, to 129,100.
The company said it was sticking to its earnings forecasts for the year, taking into account the financial crisis in Europe and the Chinese government's real estate market regulation.
"Although we posted a solid performance in the 2010 first quarter, we remain cautiously optimistic about the outlook for 2010," said Zhiwei Zhao, the company's CEO.