Rediff.com has announced a Q2 revenue increase of 18 percent to $7.8 million from $6.6 million in the year-ago period. Net income went the other way, dropping 40 percent to $890K from $1.5 million, largely the result of higher operating expenses and depreciation/amortization. On a per ADS basis, earnings dropped to $.029 from $.05. The stock is currently off close to 8 percent, as revenues came in on the light side of Reuters consensus estimates. Some highlights:

SEE ALSO: Rediff’s 18 Percent First-Quarter Revenue Increase Disappoints, ADS’ plunge

—India Online revenues grew 22 percent to $5.73 million, as registered users grew 25 percent to 59.8 million. The company now has 190 advertisers, up from 160 in the year-ago period. Additionally, it has diversified its advertiser base, as the top 10 biggest advertisers now account for 45 percent of total ad revenue, down from 57 percent last year.

—US Publishing grew by 9 percent to $2.13 million from $1.95 million a year ago.

—Currency effects associated with the weak US dollar shaved $120,000 off the company’s bottom line.

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