Web18 reported revenues of Rs 712.1 million, up 8 percent year on year, according to a financial release by parent company TV18: aggressive marketing costs for the company have been written off, and the company suggests that Web18 revenues are “promising to rebound” from their low levels recorded in Q3. Web18 had also written off marketing costs in Q2.
Apart from this, there is no other financial information on the performance of Web18, and we’ve contacted Network18 and Web18 for more information. In quarters prior to this, TV18 has released a detailed balance sheet for the company. Last quarter, Web18s operating revenues had declined 0.71 percent, year on year, and though they were up 14.65 percent quarter on quarter. The company has been reporting losses for the last few quarters, since it started scaling up. There is no indication that Q4 was any different.
Note: We’ll update when we have more. We’re also updating with some charts on the companys QoQ performance.
During the last six months:
— COO (Content) Rishi Khiani put in his papers, while CTO Varun Singh left to start up.
— In.com launched a Tumblr clone Blish.
— Web18 inked content deals with Idea Cellular for the WAP portal IdeaFresh.
— Web18 registered for a NASDAQ IPO, and handed out ESOPs
The company claims that, according to Comscore, In.com is supposed to be the second largest portal in India. Note that MediaNama is not aware of Comscores sampling methodology in India, and hence cannot judge the significance of these claims. Web18 has claimed to seen an overall increase of 29% in visits, and 20% in pageviews for its properties, as per internal Google Analytics:
Web18 houses the Consumer Internet businesses of the company, including:
— Content: In.com, Moneycontrol.com, Ibnlive.com, Cricketnext.com, Tech2.com, Compareindia.com
— Transaction: Yatra.com, Bookmyshow.com, Easymf.com, 52622 Mobile
— Subscription: Jobstreet.com, Poweryourtrade.com, Commoditiescontrol.com, Indiaearnings.com
— Q1-09 Results: Web18 Reports $1.8 Million Loss; Revenues At $3.1 Million
— Web18 Q2 Losses Triple To Rs. 24.2 Crores In A Quest For The No.1 Spot
— Web18 Registers For NASDAQ IPO; Expenses Mount, Losses Continue