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28 February, 2024 17:38 IST
Changyou.Com first-quarter earnings decline by 7.53 percent on a YOY basis
Source: IRIS | 03 Jul, 2017, 08.11PM

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Changyou.Com (CYOU) has reported 7.53 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $29.86 million, or $0.56 a share in the quarter, compared with $32.29 million, or $0.61 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $35.39 million, or $0.66 a share compared with $31.01 million or $0.58 a share, a year ago.

Revenue during the quarter dropped 7.68 percent to $119.87 million from $129.84 million in the previous year period. Gross margin for the quarter contracted 40 basis points over the previous year period to 67.37 percent. Total expenses were 73.71 percent of quarterly revenues, up from 73.46 percent for the same period last year. That has resulted in a contraction of 24 basis points in operating margin to 26.29 percent.

Operating income for the quarter was $31.52 million, compared with $34.46 million in the previous year period.

However, the adjusted operating income for the quarter stood at $37.05 million compared to $33.18 million in the prior year period. At the same time, adjusted operating margin improved 535 basis points in the quarter to 30.91 percent from 25.56 percent in the last year period.

Mr. Dewen Chen, chief executive officer, commented, "We got off to a good start in 2017 as we recorded total revenue of US$120 million and non-GAAP net income of US$35 million for the first quarter, both meeting the top end of our guidance. Revenue from TLBB PC and TLBB 3D for the first quarter both exceeded our previous expectations. We will continue to launch new expansion packs in order to maintain user stability and extend the life spans of both games. In terms of new games, we are more determined than ever to develop popular games that resonate with users by producing content with innovative game play, premium graphics, cutting-edge technology, and other high quality features."

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