Video search engine, blinkx, said it would undershoot analysts predictions in its full year results, despite recording at 72 per cent increase in revenues.
The firm said it expected to report revenues for the year to the end of March of around $114m, behind analyst consensus of $121.5m.
However, the company expects to report an operating profit, before one-time costs and amortisation of purchased intangibles, slightly ahead of analyst consensus of $10.3m.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Profit after costs is expected to come in at around $1.3m, also ahead of expectations.
Gross margin for the year was approximately 53%, it said, while the company's cash balance at year end was $38.4m.
"Whilst it is disappointing to deliver revenues a little below expectations it is worth noting that in a challenging economic climate, blinkx outperformed the aggressive growth of the online video advertising industry by over 80%," said blinx' founder and Chief Executive, Suranga Chandratillake.
"We are confident in our position in the market and the progress we have made this year, and are excited about the opportunities that lie before us."
-
Shein shifts IPO focus to Hong KongThe development piles fresh pressure on London’s beleaguered stock market, which many had hoped would be boosted by Shein’s IPO
-
Scientists turn lead into gold – could it wreck the yellow metal's price?Medieval alchemists have been vindicated after scientists turned lead into gold, but the results aren’t going to crash the gold price any time soon
