Nasdaq listed Rediff.com (REDF) has reported revenues of $$5.304 million for the Quarter ending December 30th 2008, down 27.50% from $8.32 million last quarter, and 37.78% down from $7.31 million for Q3 last year. The company has posted a net loss of $2.75 million, owing to a 41.45% decline in India Advertising revenues, i.e. for Rediff.com. The number of advertisers has declined from 261 in the July-September quarter, to 229 in the October-December quarter. The companys profits have been declining for six quarters now, and while Chairman and CEO Ajit Balakrishnan does say that the financial crisis has impacted the domestic Indian economy and key clients like travel, job, credit card and real estate sectors. They have also been affected by a 23% year on year average depreciation of the Indian Rupee vis-a-vis the Dollar. Rediff says that they are responding to the developments by reducing operating expenses: they say they've cut back on development projects that have long payback periods, like game development. Strangely, the company says it will spend between $500,000 to $1 million on advertising and promotion per quarter over the next few quarters, to support growth initiatives like mobile, Indic Languages etc. Rediff has also started running video ads on Ishare. Details: Financials, Earnings Release Note: some problem with the Rediff Earnings call; we weren't able to ask any questions, and have requested the company for an opportunity to discuss the market situation with them.
- Here are some specs of the time servers the Indian government wants companies to sync their clocks to: RTI December 6, 2022
- RBI Disallows Securitising Loans With Less Than 365-Days Residual Maturity December 6, 2022
- Indian govt may hold social media firms accountable for algorithms under ‘Digital India Act’ December 6, 2022
- Event Announcement: Reworking The Data Protection Bill, Bangalore, 14th Dec #Ad December 6, 2022
- DPDP Bill 2022: A Balance of opportunities and data protection objectives December 6, 2022
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
New bill narrows focus over predecessors that went heavy on data sovereignty, localisation and compliance. What explains this change?
The Structure and Style of a Dogma Community: Conspiracy theories and organized Twitter engagement on Sushant Singh Rajput
Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement
Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?
A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'
India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...