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Giant online video giant Youku released a financial report for the first quarter of 2011. The report indicated revenue reached $19.5 million. This was a 163% increase compared with the same period of time last year and was 22% higher than the company had previously anticipated.
The company improved performance was mainly due to growth in advertising revenue. Approximately $18.3 million of its overall revenue came from advertising, a 165% increase on the same period in the previous year.
The company also declared a Q1 gross profit of $2.1 million after recording a $2.8 million gross loss during the same time period last year.
The company went public on the New York Stock Exchange in December, in which it raised $203 million and posted the strongest first-day performance for a stock in the U.S. in five years.