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More on Perfect World: Michael Chi is resigning as co-CEO, but will remain chairman. Robert Xiao...

More on Perfect World: Michael Chi is resigning as co-CEO, but will remain chairman. Robert Xiao will hold the CEO position by himself. Q1 guidance is for revenue of $95.2M-$99.5M, below a consensus of $123.8M. Revenue fell 12% Y/Y, and average concurrent users for Chinese games totaled 620K, +3% Q/Q but -29% Y/Y. Gross margin was 76.9%, -460 bps Q/Q and -530 bps Y/Y. Nonetheless, opex rose 22% Y/Y - a goodwill charge was partly responsible, but so was a 24% increase in R&D, as PWRD invests heavily in new titles. PWRD -10.3% AH. CC at 9PM ET (webcast). (PR)

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