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Rediff’s Losses Double, Revenues Down 15.5% QoQ

rediff1For the quarter ended September 2009, NASDAQ listed Rediff.com (REDF) has reported net losses of $ 2.61 million compared to losses of 0.42 million in the quarter ended September 2008. Its user base stood at 83 million at the end of the September 2009, a 15% increase year on year.

redifftable

The sweeping of advertisements from the company’s portal Rediff.com, as part of its revamp, led to the 15.5% drop in total revenues on a sequential basis, taking it to $ 4.19 million. Revenues from India Online fell 22% sequentially to $3.08 million. In Q2 last year, this was at $5.62 million.

Steps of user experience improvements, social enabling and heightened brand profiling  are expected to significantly improve Rediff’s share of unique users in India, which in turn will translate to higher revenue and profitability over the next few quarters.

In line with the company’s guidance, operating expenses rose 2.9% to $5.03 million and will continue to increase: the company repeated its intention to continue to invest over the next few quarters.

Details: Release

Rediff plans to continue its investment in product development and brand building post the adoption of a RESTful architecture and the common data model across all their services.

Revenues from its US business increased by 9% sequentially. Operating EBITDA slipped further into negative to -$2.61 million compared to a positive EBITDA of $0.06 million in Sep 08.

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