Editorial Summary

Chinese media and advertising company Xinhua Finance Media Limited (Nasdaq: XFML) announced first quarter results after market close on Tuesday. Net revenue for the company was up 120 percent year-on-year to $36.7 million, a decrease of 24 percent from the fourth quarter. The company booked a $8.3 million loss in the quarter, compared to income of $12.6 million in the year-ago period that included a $12.3 million one-time tax gain.

Net revenue for XFMedia's Advertising Group was $21.5 million, up 159 percent year-on-year and down 29 percent quarter-on-quarter. The company's mobile services business booked quarterly net revenue of $2.8 million, down from $5.3 million in the fourth quarter. XFMedia expects second quarter revenue to come in between $48 million and $50 million with adjusted net income per share of $0.07-.09. Full year revenue is expected between $195 million and $205 million.