Marbridge Daily

<- June 02, 2011 ->

NetQin Records Q1 2011 Profit of USD 1.7 Mln

PR Newswire Asia, 6/02/11

Chinese mobile security provider NetQin (NYSE: NQ) today announced its unaudited financial results for the first quarter ended March 31, 2011, with net revenues up 216.7% year-over-year to USD 7.6 mln from USD 2.4 mln in the same period in 2010.

Net income attributable to NetQin increased to USD 1.7 mln from a loss of USD 0.4 mln in the same period in 2010.

Net revenues from premium mobile Internet services in the first quarter of 2011 were USD 6.6 mln, an increase of 214.3% from the same period in 2010 and 22.5% from the previous quarter. The increases were primarily due to the strong growth in the number of paying user accounts, which in turn reflected the growth of the number of registered and active user accounts and their increased use of premium services and, in particular, an increase in the number of overseas paying user accounts, which generally pay for premium services at a higher subscription fee level.

Net revenues from other services in the first quarter of 2011 were USD 1.1 mln, an increase of 266.7% from the same period in 2010 and 22.2% from the previous quarter. The increase was primarily due to the growth in revenues from secured download and delivery service for mobile applications produced by third parties.

Cumulative registered user accounts were 86.0 mln as of March 31, 2011, compared with 42.9 mln as of March 31, 2010 and 72.0 mln as of December 31, 2010.

Average monthly active user accounts for the quarter ended March 31, 2011 were 30.3 mln, compared with 14.8 mln for the quarter ended March 31, 2010 and 25.4 mln for the quarter ended December 31, 2010.

Average monthly paying user accounts for the quarter ended March 31, 2011 were 3.7 mln, compared with 1.4 mln for the quarter ended March 31, 2010 and 3.3 mln for the quarter ended December 31, 2010.

NetQin expects net revenues to be in the range of USD 8.6 mln and USD 8.8 mln for the second quarter of 2011, representing year-over-year growth of 139% to 144% and quarter-over-quarter growth of 13% to 16%. For the full year of 2011, NetQin expects net revenues to be in the range of USD 37.5 mln and USD 38.5 mln, an increase of 112% to 118% compared to fiscal year 2010.

To view NetQin's full earnings report, please click here.

 

Keywords:  anti-virus  registered users  guidance  active users  overseas  profit  security  wireless  NetQin  Q1 2011  revenue  fiscal report  mobile application  NQ 

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