NEW YORK (TheStreet) -- Shares of Youku Tudou (YOKU) were soaring, sharply up 17.29% to $27 on heavy volume in afternoon trading Thursday, following the release of the Chinese online television company's first quarter financial results.
The company posted a net loss of about $83.5 million, worse compared to a loss of $28.4 million in the same quarter of last year.
On a per American depositary share basis, the company posted an adjusted loss of 40 cents per share.
Revenue for the quarter came in at $170.4 million for the period.
Analysts polled by Thomson Reuters estimated a loss of 2.25 Chinese yuan renminbis per share on revenue of 1.03 billion yuan for the quarter.
In U.S. dollars, that comes out to a consensus estimate of a loss of 36 cents per share on revenue of $170 million for the second quarter.
For the second quarter, the company expects adjusted revenues of 1.47 billion to 1.52 billion yuan.
It expects advertising revenue of between 1.25 billion to 1.3 billion yuan.
This morning, Brean Capital analysts raised their price target to $26 from $20 on shares, while maintaining their "buy" rating.
The firm said the company guided to a 53% to 59% net revenue growth for the second quarter, higher than the consensus forecast.
"We expect YOKU to further improve its brand ad monetization under its multi-screen entertainment and media strategy with increasing mobile contribution in 2015," said Brean analysts.
Youku Tudou chairman and CEO Victor Koo said strategy will improve business economics.