Seeking Alpha

Sky-mobi +24% on big Q2 beat, strong guidance

  • Sky-mobi's (NASDAQ:MOBI) Q2 revenue (RMB170.2M, or $27.4M) blew away guidance of RMB135M-RMB145M. For Q3, the Chinese mobile game distributor expects revenue of RMB200M-RMB210M.
  • Smartphones accounted for 77.8% of Q2 revenue, up from 68.1% in Q1. A 63.3% Q/Q increase in revenue from single-player games (70.3% of smartphone revenue) fueled the growth. Revenue from smartphone multi-player games rose 27.2%, and smartphone ad revenue 32.1%.
  • Smartphone single-player ARPU was RMB8.8, and multi-player ARPU RMB161.4. Average monthly active users for Sky-mobi's Maopao app store/gaming platform rose 20% Q/Q to ~30M, and paying game users rose to 11.9% of the total base from 10.2%.
  • Sky-mobi claims its services are now provided through 40K+ Chinese telecom stores, as well as 100+ distribution partner (including Baidu, Tencent, and Qihoo).
  • Gross margin was 25.4% vs. 25.5% in Q1 and 27.4% a year ago. Opex totaled $5.3M, +17.4% Q/Q but only +5.3% Y/Y.
  • Q2 results, PR
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