Chinadotcom Corp. (Nasdaq: CHINA) was also caught in Wednesday’s market sell-off, ending 13/16 lower at 30 1/16 after trading higher earlier in the day on a strong first quarter earnings report.
The company reported net income of $109 million on revenue of $20 million. Year-earlier figures were not provided.
According to Chief Executive Officer Peter Yip, all of the company’s core businesses — e-business software, online advertising and its portal network — are seeing “continued rapid growth and increasing gross margins, and decreasing operating cash losses.”
Yip added, “The effective execution of our focused business plan has once again produced results ahead of internal and external projections.”