ChinaCache International posts wider loss amid platform struggles

|About: ChinaCache International (CCIH)|By:, SA News Editor

ChinaCache International (NASDAQ:CCIH) has posted Q1 results where revenues fell and the company's net loss widened substantially Y/Y amid continuing platform launch challenges.

EBITDA was a loss of 56.9M yuan, vs. a year-ago loss of 49.7M yuan. Overall net loss came to 138.5M yuan (about $21.5M), vs. a prior-year loss of 5.2M yuan. Shares were inactive after hours.

Last year's launch of High Performance Cloud Caching has gone "slower than planned and has not yet delivered the desired operational performance," says CEO Song Wang. He says the company should return to top-line growth in the second half.

For 2016, the company's forecasting revenues of 1.45B-1.55B yuan (growth of 7.1%-14.5%), most coming in the second half, vs. consensus for about 1.512B yuan (about $230.7M).

Conference call to come at 8 p.m. ET.

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