Blinkx Revenue Surges 73 Percent
Video search engine blinkx on Friday reported a full-year revenue increase of 73 percent year-over-year, which saw the stock surge 4.17 percent in early trading. The company attributed the strong gain to increased demand for video on smartphones and tablets as well as an increase in advertising streams. “The proliferation of powerful connected devices and high-speed broadband networks has catalyzed consumer appetite for web video,” said CEO and Founder Suranga Chandratillake.
Blinkx revenue in the year ending March 31 improved to $114.4 million from $66.1 million in 2011, while the company’s pre-tax profit increased to $10.7 million from $8.3 million. During that period, blinkx made two major acquisitions -- online ad technology company Burst Media, and Prime Visibility Media, a digital advertising agency. The acquisitions boosted the company’s publisher network by more than 2,000 new publishers.