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In the company's news yesterday,
China Finance Online Co. Limited (JRJC) reported second quarter 2008 financial results after the close. Revenues surged 154% year-over-year to $14.7 million, a sequential increase of 33% over Q1. Net income grew to $4.6 million, or 20 cents per ADS, an increase of 202% over the same period last year, and 11% better sequentially.
On a non-GAAP basis, excluding certain items, net income was $6.5 million, or 28 cents per ADS. Analysts anticipated earnings of 14 cents on revenues of $13.3 million. These results exceeded the high end of the company's prior guidance of $13.5 million in revenues and $6.0 million in non-GAAP net income.
The number of active paid subscribers for China Finance's services swelled to 100,600 from 37,400, an increase of 169% during the year. Despite the massive ongoing correction in the Shanghai Stock Exchange Composite Index, registered users at jrj.com and stockstar.com increased 44% to 10.5 million people.
The company reaffirmed full-year 2008 revenue guidance of $56.0 - $61.0 million, and non-GAAP net income guidance of $25.0 - $29.0 million, or $1.09 - $1.26 per ADS. For the third quarter, China Finance expects to earn net income of $6.3 - $7.1 million non-GAAP, or 27 cents to 31 cents per ADS.
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