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Shanda witnesses big growth in 3rd quarter
Chinese online game operator Shanda Interactive Entertainment Ltd yesterday reported robust growth in the third quarter with the sustained growth of its key services and diversified business lines.
Shanghai-based Shanda said that its revenues in the third quarter reached US$44.90 million, rising 133 per cent year-on-year and 23 per cent quarter-on-quarter.
Net profits were US$20 million or 26 US cents per diluted American depository share (ADS).
The NASDAQ-listed Shanda's ADS rose 8.5 per cent to US$33.09 on Monday before the result was released and gained another 14.23 per cent in the after-hours trading, boosted by its financial results.
"The past quarter was a very busy and successful quarter for us," Shanda President Tang Jun said.
Chen Tianqiao, Shanda's chairman and CEO and the third richest person in China, said that the continued growth of the company's major businesses -massive multi-player online role playing games (MMORPG) and casual games were the two major growth engines.
The MMORPG business grew by 19 per cent quarter-on-quarter to US$34.3 million, while revenues from casual games reached US$7 million, 19.9 per cent higher than that in the second quarter.
The total number of online players reached a record high of 1.7 million in the quarter, compared with 1.6 million in the April-June period.
Jim Sun, an Internet industry analyst with London-headquartered Evolution Securities, believed the summer holiday of students was a big push to Shanda's growth in online games.
Shanda is the biggest online game operator in China with a market share of 46 per cent, according to domestic research house Analysys.
The company also benefitted from diversified business lines.
Shanda's revenues from e-commerce, wireless value-added services, online advertising, and game account protection tool almost doubled in the quarter to US$3.7 million.
Sun with Evolution Securities believed Shanda's third quarter results were very successful.
He predicted that Shanda will maintain its growth momentum this quarter.
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