Youku Tu­dou ral­lies af­ter an­nounce­ment

China Daily (Canada) - - BUSINESS -

Youku Tu­dou Inc ral­lied in US trad­ing as the on­line video op­er­a­tor an­nounced plans to buy back shares af­ter they plunged 12 per­cent fol­low­ing an earn­ings re­port that missed an­a­lyst es­ti­mates. Youku’s Amer­i­can de­posi­tary re­ceipts rose 2.7 per­cent onWed­nes­day in New York, par­ing their de­cline since the sec­ond-quar­ter re­sults ear­lier this month. Bei­jing-based Youku, which runs China’s big­gest video web­sites, said onWed­nes­day its board ap­proved a plan to re­pur­chase as much as $300 mil­lion of its ADRs with cash. The shares sank 9.3 per­cent on Aug 20 af­ter the com­pany’s sec­ond-quar­ter rev­enue and third-quar­ter fore­cast dis­ap­pointed in­vestors.

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.