May 18, 2010 (Chinavestor) ChinaNet Online Holdings (AMEX:CNET), the provider of advertising platforms to small and medium-sized businesses, said its first-quarter adjusted income jumped 51.2% to $1.9 million, or nine cents a share, as revenue increased by 4.4% to $10 million.ChinaNet Online Holdings (AMEX:CNET) said it expects full-year profits of $14.1 million on sales of $45 million, 68% and 19% growth over the 2009 figures. Internet advertising buoyed the strong first-quarter revenue for CNET, rising 23.3% year-over-year to $4.5 million, and comprised 44.4% of total revenue, the company said.
The company may need to tap that market for future growth as TV ad sales decreased 6.3% year-over-year to approximately $5.4 million or 58.6% of total revenues, ChinaNet Online Holdings (AMEX:CNET) said.
CNET, which started trading on the AMEX during the first quarter, said its cash on hand fell to $12.4 million from $13.9 million during the quarter.
If you like us, spread the word to the fellow investors on your favorite Social Bookmarking websites
