NEW YORK (TheStreet) -- YOU On Demand (YOD) rose in after-hours trading Thursday after the Chinese streaming video service reported a narrower net loss and an increase in revenue in its second-quarter results.
The company reported net loss attributable to shareholders of $793,000, down from a loss of approximately $3.3 million in the same period one year earlier. Loss per share narrowed year-over-year to 5 cents from 22 cents. Revenue increased to $183,000 from $51,000 in the second quarter of 2013 and rose 33% from the first quarter of 2014.
"During the first half of 2014 we successfully pivoted the Company's strategy and its resources to prioritize our IPTV, OTT and Mobile platforms," said chairman Shane McMahon. "Given the exciting potential of these fast-growing distribution modes, which are increasingly popular amongst China's tech-savvy and most active consumers of entertainment, YOU On Demand expects to continue generating positive momentum from this strategic shift. As a result, we expect to generate both improved operating efficiencies and enhanced financial results during the second half of this year."
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