Tudou (NASDAQ:TUDO) and its CEO Gary Wang may have had a rocky road to their IPO, but since then things have been going pretty well. Sina bought into the company to the tune of 9 percent, they partnered up with former competitor LeTV, and they even got the rights to Cars 2, which is a Pixar movie even if it is empirically the worst one Pixar has made. Now the company’s Q3 financials are showing some more good — and rather surprising — news: profit!
That’s surprising because just a few months ago, some experts were saying Tudou wasn’t expected to report a profit until 2013. Yet they’re reporting a net profit of 52 million RMB ($8.2 million). This is especially puzzling given that last quarter they reported a net loss of nearly 79 million RMB ($12 million).
Apparently the LeTV partnership has been beneficial, but it still seems like there’s not much explaining the pretty dramatic turnaround from million-dollar losses to million dollar profits. The IPO effect, perhaps? Who knows. We may learn more this evening from the company’s earnings conference call.
In the meantime you can read the full unaudited Q3 report from Tudou right here (in English). And oh, Tuduo now also boasts over 96 million registered users.
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