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Updated: Rediff Q3FY12: New Paid Mail & Website Product For SMEs; Loss At $1.20M

Updated with information from Rediff's investor conference call. Rediff.com reported a loss of $1.20 million for the quarter ending 31st December 2011 (Q3-FY12), a decrease compared to Q3-FY11′s loss of $1.80 million. At the closing of the quarter, the company’s cash balance stood at $25 million, and it intends to continue to spend $2-$2.5 million per quarter for the next few quarters for investments in product development, sales diversification and the entrance into new markets. The company’s revenue decreased about 18% from $5.90 million in Q3-FY11 to $4.81 million in the present quarter. Compared to the same quarter last year, Rediff’s revenues from India Online decreased 7% closing at $3.89 million while its U.S. Publishing business decline marginally at $0.92 million. Financial Highlights - According to Ajit Balakrishnan, CEO of the company, revenues were adversely affected due to slow growth in advertising in the quarter, specially…

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