- ChinaNet Online (NASDAQ:CNET) has logged Q3 earnings that saw improvement in gross profit and narrower operating and net losses.
- Net loss came to $1.5M vs. a loss of $2.1M in the year-ago quarter. Gross profit improved 39.8% to $2M.
- Despite a company pivot into higher margin businesses than TV advertising, gross margin fell to 17% from 17.1% due to an increase in lower-margin revenues from search engine marketing services.
- Cash outflows from operations for the nine months were $1.9M; the company has $1.2M in cash and equivalents, working capital of $9.8M and a current ration of 2.3 to 1.
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Conference call to come tomorrow at 8:30 a.m. ET.
- Press Release