Wed, May 20, 5:50 PM
- Game maker KongZhong (NASDAQ:KZ) posted profits that declined more than 50% for Q1 despite 3% revenue growth, as gross profit fell 18%.
- The company had a pause in new smartphone games in Q1; "However, moving into the second quarter and the remainder of 2015, we expect to significantly increase the release of high-quality smartphone games," says CEO Leilei Wang, starting with a June open beta for Western fantasy card battle game Super God Battle Squad.
- Revenue by segment: Internet games, $26.4M (up 6.5%); Mobile games, $10.6M (up 30.8%); Wireless value-added services, $13.6M (down 16%).
- In mainland China, monthly average users of 1.9M (up 12.6%); aggregated monthly paying acounts of 333K (up 18.9%); average revenue per user of 163 yuan (about $26.28, down 10%).
- At quarter's end, $190.1M in cash and equivalents. The firm sees Q2 revenues at $51M-$52M; gross profit of $19M-$20M; and non-GAAP net income around $5M.
- Conference call at 7:30 p.m. ET.
- Press Release
Wed, May 20, 5:03 PM
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KongZhong Corpprovides internet games services, mobile games services and wireless interactive entertainment, media and community value-added services to customers of the telecommunications operators in China.
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