STOCKS NEWS EUROPE - blinkx jumps after firm flags FY revenue beat
Shares in video search engine Firm blinkx (BLNX.L) soar 22 percent on London’s junior AIM (.FTAI) exchange after the company says it expects full-year revenue to exceed targets and reach between $180 million to $185 million.
In a trading update, the San Francisco-based company says the early integration of acquisitions along with the effects of the recent U.S. elections and the London Olympics drove growth in the first half of the year.
“Importantly these drivers are a healthy mix of cyclical growth, structural change and corporate improvement,” Peel Hunt analyst Patrick Yau says in a note. The broker, which had previously forecast 2013 sales of $164 million for blinkx, raises its earnings per share estimate by 10 percent to 4 pence.
“We reiterate our view that blinkx is a key investment in the rapidly expanding online video space,” Yau says.
blinkx, which said in October that it would also beat market expectations for the first half, launched a revamped website in January and announced a partnership with world no. 2 video sharing site Dailymotion.com.