Youku revenues triple in Q2, but still loses money

Chinese online video site Youku.com (YOKU.NYSE) saw revenues nearly triple in the second quarter but still posted a net loss, the Wall Street Journal reported. The company reported that revenues increased 178% year-on-year to US$30 million in the second quarter, handily beating company forecasts of 125-135% growth. The company lost US$4.4 million, compared to US$9.7 million during the same period in 2010. The stock declined over 11% on Tuesday to close at US$22.10 per share, as investors fretted over the firm’s continued losses and intensifying competition. Competitor Tudou.com announced last week that it plans to raise US$143.5 million in New York via an initial public offering. Other internet companies, in particular web portals like Sohu.com (SOHU.NASDAQ) are also increasingly vying with Youku for market share. In the first quarter, Youku controlled 21.5% of the online video market, while Tudou and Sohu.com commanded 16.2% and 13.1%, respectively.