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Dangdang Falls to 10-Week Low After Outlook Trails Estimates

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May 17 (Bloomberg) -- E-Commerce China Dangdang Inc. tumbled to a 10-week low in New York as the owner of China’s biggest Internet bookseller forecast sales that fell short of analysts’ estimates.

Shares of Beijing-based Dangdang lost 16 percent to $6.28 at the close of trading in New York, its lowest since March 7.

Dangdang’s second-quarter revenue will rise to 1.18 billion yuan ($187 million), Chief Financial Officer Conor Yang said in an investor conference call today. That’s less than a median estimate of 1.27 billion yuan of eight analysts in a Bloomberg survey.

“Guidance was disappointing,” Adam Krejcik, an analyst at Roth Capital in Newport Beach, California, said in a phone interview. “A slowdown in the year-over-year growth rate for a company that’s burning cash and not expected to put up a positive EPS for the foreseeable future is a big problem.”

Krejcik has a neutral rating on Dangdang.

To contact the reporter on this story: Leon Lazaroff in New York llazaroff@bloomberg.net

To contact the editor responsible for this story: Tal Barak Harif at tbarak@bloomberg.net

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