During this quarter we saw many advertisers in the financial services and web industries who had stayed on the sidelines for the previous few quarters return cautiously; this is reflected in an increase in our India Online Ad revenues by 21% sequentially, said Ajit Balakrishnan, Chairman and CEO, Rediff.com.
Our initiatives in the Social Media and Local Search areas continue to make progress.
As in the past few quarters, we propose to continue investing 1 to 1.5 million dollars per quarter in the next 2 -3 quarters to maintain the momentum in user growth. In doing this we hope to increase our user base and in turn revenues in the next few quarters.
Our cash balance of $48 million as of December 31, 2009 ($47 million same date last year) allows us to meet our liquidity needs and to execute on our product development and investment strategy.
Further details of Rediff.coms results for the third quarter ended December 31, 2009 are appended in tabular form to this press release. A script of the earnings result conference call held on January 27, 2010 will also be made available on Rediffs Investor Information website at investor.rediff.com.