Blinkx (AIM:BLNX.L) Still Can't Make It

Blinkx (AIM:BLNX.L) has become one of the best online video sources for me. Good service, indeed. Today, British video search engine firm reported its six months to end-March results, which actually disappointed me a bit.

Blinkx said it saw a net loss of $3.3 million for the six months to end-March, while revenues hit $3.6 million margin. Nonetheless, the firm said its on the right route and is getting closer towards profitability.

Suranga Chandratillake, founder and CEO of Blinkx, said the company had surpassed all of the business, financial and technology targets set at the time of its flotation.

The Cambridge-based company said that content hours have more than tripled since its IPO in May 2007 to 26 million from 7 million.

Here is a stock chart of Blinkx. While it had not a pleasing ride over the last six or so months, recently it spiked up 50% to a seven-month high on Friday. The main reason, was that there were some rumours hanging around that Google or News Corp. may put an offer on the table for Blinkx.

Traffic to Blinkx has been going up over the past year. The market share of visits for the week ending May 10, 2008 is 10x higher than the same week in 2007.

According to the data that comScore, Hitwise and Quantcast released in November, more people visited Blinkx-linked videos by weekly market share than Google's UK service.

Blinkx claims to be the largest deep indexed Video search engine with 18 million hours indexed and agreements with over 242 content companies.

Blinkx has to deliver its scheduled plans, otherwise investor optimism might be fading away. I am sure Blinkx is capable of doing its mission and by the end of 2008 we could see some good progress being made.