Chinese online developer and publisher ChangYou has released third quarter financial results, recording sales of US$183.1 million, a 10 per cent increase over last year. However net income for the quarter was flat, falling 3 per cent year-on-year to US$72.8 million, as the company’s user base declined 21 per cent from last year to 31 million.
“Our users continue to be our top priority in our decisions on product and service offerings,” commented ChangYou CEO Tao Wang. “Looking ahead to the next few quarters, we have ready a line-up of new games planned for the PC, web and mobile platforms and various mobile applications. By continuing to execute our business philosophy, we believe we are positioned to succeed over the long-term.”
Online game income was also down 7 per cent from last year at US$161.5 million, though online advertising revenues grew by 29 per cent year-on-year to US$16.4 million.
“We achieved our financial targets across each of our business lines in the third quarter,” said ChangYou CFO Alex Ho. “In the fourth quarter, we will significantly ramp up our marketing investment to promote our line-up of new games, mobile applications and other Internet products in both China and overseas, so as to further expand our user base and aggressively capture the market potential.”
