|
NEW YORK (AP) -- Xinhua Finance Media Ltd., a diversified financial and entertainment media company, raised its third-quarter revenue forecast on Monday, citing stronger-than-expected growth in the company's business and contributions from acquisitions. Xinhua Finance Media shares spiked 97 cents, or 11.4 percent, to $9.51 in after-hours trading, after gaining $1.18, or 16 percent, to $8.54 during the regular session. The stock has traded between $5.06 and $13 since the company's initial public offering in March. The China-based company raised its revenue outlook to a range of $38 million to $40 million, from its previous forecast of $35 million to $37 million. Xinhua Finance Media also said it expects third-quarter earnings between $8 million, or 11 cents per share, and $9 million, or 13 cents per share. Adjusted net income, which excludes certain one-time costs, is expected to range from $13.8 million, or 20 cents per share, and $14.8 million, or 21 cents per share. Analysts surveyed by Thomson Financial, who typically exclude one-time items, forecast third-quarter earnings of 13 cents per share.
|