Blinkx profit doubles to $4.5m
The video search engine Blinkx has defied expectations and recorded a gross profit of $4.5m (£2.85m) for the first six months of the current financial year.
The company's gross profit increased by 106% from the $2.2m reported for the first half of the 2007 financial year.
Blinkx reported revenues of $6.4m during the 6 months to 30 September 2008, which was a 115% increase on the $3m for the same period the year before.
The company pointed to substantial advertising revenues through the Blinkx AdHoc platform, and well as deals with ITN, MSN UK and Getty Images.
Suranga Chandratillake, founder and chief executive of Blinkx, said: "We are pleased to report a very strong performance this period, with both revenue and bottom line ahead of analyst consensus".
"We have taken a conservative view of the macro situation and balanced that against the strong growth of the online video market. We therefore believe that in spite of the current macro-economic conditions, we expect Blinkx to be able to report continued strong growth in the second half and beyond."
Says Media Week: "The video search engine achieved a 681% growth in traffic between June 2007 and July 2008 in the UK alone, according to Nielsen Online".