Telecom service provider AsiaInfo Holdings announced its cheery financial results for the fourth quarter and full-year ended December 31, 2008, with total revenues meeting guidance.
Total revenues for the fourth quarter of 2008 were USD53.7 million, an increase of 31.7% year-over-year and 19.8%, sequentially. Meeting guidance, non-GAAP net revenue for the fourth quarter of 2008 was USD51.0 million, an increase of 45.4% year-over-year and 19.3% sequentially.
"I'm extremely proud of AsiaInfo's success in 2008," stated Steve Zhang, AsiaInfo's president and chief executive officer. "In a challenging macro environment, we managed not only to deliver on our net revenue target, but also to seize the opportunities presented by telecom industry restructuring in China."
Specifically, in the fourth quarter of 2008, the Lenovo-AsiaInfo business unit, which focuses on IT security products and services, contributed 22.2% to total revenue and 20.4% to net revenue. Total revenue for the Lenovo-AsiaInfo business unit increased 63.9% year-over-year and 40.1% sequentially to USD11.9 million.
Total operating expenses increased 43.8% year-over-year and 17.2% sequentially to USD21.0 million. Sales and marketing expenses increased 34.6% year-over-year and 10.5% sequentially to USD10.6 million. Income from operations for the fourth quarter of 2008 was USD7.8 million, an increase of 55.1% year-over-year and 46.6% sequentially.
As of December 31, 2008, AsiaInfo had cash and cash equivalents and restricted cash totaling USD184.6 million and short-term investments totaling USD28.6 million.