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The stock climbed nearly 7%, advancing $1.19 to $19.28 a share by 10:05 am Eastern Time. Shares of the Beijing, China-based company broke through resistance and reached their highest level since mid-June.
After the closing bell on Thursday, China Finance Online reported second quarter net income that almost tripled compared to the year-ago period. The profit growth primarily due to a jump in revenues, which reflected growth in subscription service fees from individual customers. The company also issued its third quarter outlook and reaffirmed its fiscal year 2008 view.
The company reported second quarter net income of $4.56 million or $0.04 per share, compared to $1.56 million or $0.02 per share in the corresponding quarter last year.
Earning per American Depository Share or ADS were $0.20 for second quarter of 2008, compared to $0.08 in the preceding year period.
Excluding stock-based compensation expenses, adjusted net income for the second quarter was $6.53 million, up from $2.16 million in the prior-year period. Non-GAAP diluted net income per share were $0.06, while non-GAAP net income per ADS was $0.28, compared to $0.11 per ADS in the corresponding period last year.
The company recorded a net foreign exchange gain of $559,000, compared with $101,000 in the second quarter of 2007.
Net revenues for the second quarter were $14.68 million, compared to $5.72 million in the corresponding period last year. The increase was attributed primarily to the growth in subscription service fees from individual customers.
Looking forward, the company estimates non-GAAP net income, which represents net income excluding share-based compensation expenses, in the range of $6.3 million to $7.1 million for the third quarter of 2008. Accordingly, non-GAAP net income per ADS for the third quarter of 2008 is expected to be in the range of $0.27 to $0.31. The company estimates net revenues in the range of $15.5 million to $16.50 million.
The company also reaffirmed its previously announced fiscal year 2008 revenue guidance in the range of $56.0 million to $61.0 million, non-GAAP net income guidance in the range of $25.0 million to $29.0 million and earnings per ADS in the range of $1.09 to $1.26.
On average, three analysts polled by First Call/Thomson Financial estimate revenue of $15.95 million for the third quarter, while analysts expect full year revenues of $59.45 million.
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