Perfect World offers in-line guidance; PC users drop Q/Q in Q1


Perfect World (PWRD) expects Q2 revenue of RMB891M-RMB936M ($142.7M-$150M) vs. a $148.2M consensus.

Revenue rose 42.5% Y/Y in Q1, but also fell 2.5% Q/Q, thanks in part to lower promotional spend for MMORPG titles. Average concurrent PC users fell 18% Q/Q to 662K, something attributed to anti-cheating efforts and seasonality. Mobile gaming growth partly offset the decline.

Gross margin fell to 73.6% from 75.1% in Q4 and 77.8% a year ago. Opex rose 41% Y/Y to $77M.

PWRD +0.3% AH. Q1 results, PR.

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