Shanda profit drops
By Rich Zhu |
June 3, 2011, Friday
|
Print Edition
Print Edition
SHANDA Interactive Entertainment Ltd yesterday said its first-quarter net profit plunged 61 percent from a year ago on the high cost of new business such as online books and video.
The Shanghai-based game and media company's net profit was 85.5 million yuan (US$13.2 million) in the three months ended in March. The result was below the forecast of US$14.34 million by analysts.
Shanda's revenue rose 25 percent to 1.63 billion yuan in the quarter.
Shanda's expense on business diversifying into videos and online publishing has risen, according to a Morgan Stanley report.
The Shanghai-based game and media company's net profit was 85.5 million yuan (US$13.2 million) in the three months ended in March. The result was below the forecast of US$14.34 million by analysts.
Shanda's revenue rose 25 percent to 1.63 billion yuan in the quarter.
Shanda's expense on business diversifying into videos and online publishing has risen, according to a Morgan Stanley report.
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