Youku Faces Competition, Uncertainty for Growth1 min readReading Time: < 1 minute
Online video company Youku.com Inc. narrowed its loss in its first quarter as a publicly traded company-a period that has illustrated enthusiasm as well as uncertainty about China’s Internet sector.
Youku’s debut on the New York Stock Exchange Dec. 8 was the strongest first-day performance for a stock in the U.S. in five years.
The company’s shares more than tripled over the first two days of trading from their initial offer price of $12.80, but have oscillated between $50 and less than $30 each since.
Beijing-based Youku on Tuesday reported a fourth-quarter net loss of 37.7 million yuan ($5.7 million), or 0.89 yuan (13 cents) per American depositary a share, compared with a loss of 46 million yuan, or 2.26 yuan a share, a year earlier.