April 10, 2012 11.12 Europe/London By Julian Clover
blinkx says its income will increase by around 72% this year, but the full year revenue of $114 million is still behind analyst expectations.
The consensus had been for $121 million, the video search engine admitted in a trading update.
blinkx said operating profit would be slightly ahead of industry estimates of $10.3 million. It pointed to its outperforming of already aggressive growth of the online advertising market.
Commenting on the preliminary results Suranga Chandratillake, founder and CEO of blinkx, said: “blinkx’s revenues are up 72% this year, surpassing the $100 million mark. We believe this is a significant achievement. Growth across the business has been strong, and whilst it is disappointing to deliver revenues a little below expectations it is worth noting that in a challenging economic climate, blinkx outperformed the aggressive growth of the online video advertising industry by over 80%. We are confident in our position in the market and the progress we have made this year, and are excited about the opportunities that lie before us.”
The company expects to announce its results for the full year on May 18, 2012.
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