Shanghai interactive game maker Shanda Interactive reported Q2 adjusted net income more than tripled, to 415.9 million yuan, versus 133.6 million yuan a year ago (check back later for SNDA's earnings call transcript). Adjusted EPS nearly doubled to 3.28 yuan from 1.86 yuan in the year-ago period. Revenue came in at 564.4 million yuan, excluding aproximately 178 million yuan in proceeds from the sale of Sina Corp., a gain of 39.1% from the 405.7 million yuan earned a year ago (full story). Consensus analyst estimates were for EPS of $0.36 on revenue of $72 million (when converting yuan to dollars, Shanda's adjusted EPS was $0.42 on sales of $74.1 million). In other news, Shanda announced CFO Daniel Zhang resigned and will be replaced by current President Jun Tang.
Sources: Press Release, MarketWatch, Reuters, AP
Commentary: Opportunities In China Following Today's Selloff • Investing In China's Online Gaming Sector
Stocks/ETFs to watch: SNDA. Competitors: NTES, NCTY
Earnings call transcripts: Shanda Q1 2007 Earnings Call Transcript
Seeking Alpha's news briefs are combined into a pre-market summary called Wall Street Breakfast. Get Wall Street Breakfast by email -- it's free and takes only seconds to sign up.