CDC Corporation (CHINA), the holding company for entities such as China.com and CDC Software, announced its financial results for the first quarter of 2008 ended March 31, 2008 and said net loss from continuing operations was US$11.6 million, compared to a gain of US$1.4 million in the first quarter of 2007.
Total revenue for the company was US$98.3 million, an increase of 12% from US$88.0 million in the first quarter of 2007.
"We've started 2008 with our best-ever first quarter revenue, beating consensus analyst estimates for both revenue and adjusted net income, despite the slow economy that is impacting the global software industry," said Peter Yip, CEO of CDC Corporation, in a prepared statement.
While total revenue for CDC Software for the quarter was US$87.3 million, an increase of 15% from US$76.2 million in the first quarter of 2007, and revenue for CDC Games for was US$8.7 million, an increase of 10% from US$7.9 million in the fourth quarter of 2007, China.com's Web portal revenue was only a paltry US$2.2 million. In stark contrast, rival portal website Sohu.com says it recorded total revenue of US$84.8 million, up 156% year-on-year and 30% quarter-on-quarter.