NEW YORK, NY -- (Marketwire) -- 04/01/11 -- As China's middle class expands, its internet market continues to grow at a rapid pace. According to the China Internet Network Information Center, China has the world's biggest population of internet users with more than 500 million. A recent study from the consultancy, McKinsey & Co estimated that 6 million people go online for the first time in the country every month, and predicted the Chinese internet population will grow to 750 million in 2015. The Bedford Report examines the outlook for companies in China's Internet Sector and provides research reports on E-Commerce China Dangdang, Inc. (NASDAQ: DANG) and Sina Corporation (NASDAQ: SINA). Access to the full company reports can be found at:
A recent report from Bloomberg notes that Chinese internet stocks have been on the upswing since Google said the Chinese government is blocking its Gmail e-mail service. Mike Hickey, an equity analyst at Janco Partners, told Bloomberg the government's continued intervention with internet competition is certainly a positive catalyst for domestic Internet players."
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For the most part, the boom in internet users, has led to a surge in profits for several marquee Chinese websites. China's largest internet portal, Sina, posted a fourth-quarter net loss of $100 million, or $1.51 a share. Mobile-related revenue dropped 26 percent to about $21 million. Online advertising revenue soared 30 percent to $82.5 million in the quarter as user traffic increased on interest in Sina's Weibo -- a product similar to Twitter.
E-Commerce China Dangdang said that its fiscal fourth quarter revenues surged 59 percent year-on-year to $108 million. Dangdang says it aims to drive growth by expanding its product range to include products like cosmetics, furniture and shoes, aside from media items like books and DVDs. The company did warn of increased domestic competition, however.
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