Kongzhong Q1 Profit Down 94%

Kongzhong Press Release, 5/15/08

Chinese wireless value-added service provider and WAP portal operator Kongzhong (Nasdaq: KONG) has announced its unaudited financial results for Q1 2008, with net revenues reaching USD 21.39 mln, up 6% year-on-year and 8% quarter-on-quarter.

Net income for the quarter came to USD 88,000, down 94% YoY and 87% QoQ.

Total WVAS revenues for the quarter increased 9% QoQ to USD 21.15 mln, with revenues from 2.5G services accounting for approximately 32% of the total, and 2G services representing the remaining 68%.

Aggregate revenues from China Unicom, China Telecom and China Netcom accounted for approximately 24% of the total first quarter WVAS revenues, while revenues from China Mobile accounted for the remaining 76%.

The company estimates Q2 2008 revenues to be between USD 22 mln and USD 23 mln.

To see the full details of Kongzhong's earnings report, please click here

Keywords: KONG Kongzhong WAP portal wireless WVAS fiscal report

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