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Fundamental Analysis

Earnings From Online Gaming Firms A Mixed Bag

Earnings From Online Gaming Firms A Mixed Bag
May 21, 2010 (Chinavestor) – China's top online gaming firms reported earnings this week and it was a mixed bag from the likes of Giant Interactive (NYSE:GA), Netease.com (Nasdaq:NTES) and Perfect World (Nasdaq:PWRD).

Netease.com (Nasdaq:NTES), the most profitable online gaming firm in China and the biggest of the trio mentioned here, continued what has become a tradition of disappointing investors as the company's first-quarter sales missed analyst estimates by nearly $15 million. Profits came in at 51 cents a share while analysts were expecting 61 cents a share. The company's dependence on World of Warcraft seems to have investors skittish, especially given increased competition and the lack of new blockbuster title produced by the company.

Giant Interactive (NYSE:GA) was a giant disappointment as well, reporting a 25% decline in first-quarter profits. Giant Interactive (NYSE:GA) failed to assure investors things were on the right track when it reported that the company is spending more on R&D, but its customers are spending less. Average revenue per user plunged 27% during the quarter.

Perfect World (Nasdaq:PWRD) may be the most perfect of this trio as the company reported a 42% jump in quarterly profits. The company's profit of 84 cents a share was inline with analysts' estimates, but revenue missed slightly. Perfect World (Nasdaq:PWRD) shares did catch a bid, for one day at least, on the news because the company said it is seeing increased demand for its games, a statement its rivals were not able to make.

Overall, investors seem unimpressed by the reports as shares of Perfect World (Nasdaq:PWRD), Giant Interactive (NYSE:GA) and Netease.com (Nasdaq:NTES) are down 25%, 5% and 10% in the past week, respectively.

For additional coverage:

Perfect World tumbles on growth concerns

Giant Interactive: Another Glum Report From China's Gaming Sector

NetEase.com Q1 Profit Hurt on Lower Margins

 
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