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Online Game Revenues Rise In China For Changyou.com

Chinese online game developer Changyou.com Limited today announced its unaudited financial results for the third quarter ended September 30, 2010.

Total revenues reached USD85.6 million, an increase of 10% quarter-over-quarter and 25% year-over-year, while net income reached USD45.3 million, and increase of 8% quarter-over-quarter and 20% year-over-year.

Aggregate registered accounts for Changyou.com’s games as of September 30, 2010 increased 7% quarter-over-quarter and 40% year-over-year to 105.2 million. Aggregate peak concurrent users for Changyou.com’s games was approximately 980,000, a decrease of 14% quarter-over-quarter and an increase of 14% year-over-year. Aggregate active paying accounts for Changyou.com’s games was approximately 2.61 million, a decrease of 6% quarter-over-quarter and an increase of 9% year-over-year.

Revenues from game operations for the third quarter of 2010 increased 11% quarter-over-quarter and 25% year-over-year to USD83.6 million. However overseas licensing revenues for the third quarter of 2010 decreased 7% quarter-over-quarter and increased 11% year-over-year to USD2.0 million. The company says sequential decrease was mainly the result of greater competition in mature online game markets abroad.

For the third quarter of 2010, total operating expenses decreased 1% quarter-over-quarter and increased 9% year-over-year to USD23.7 million.

As of September 30, 2010, Changyou had a net cash balance of USD292.0 million, compared to USD294.5 million as of June 30, 2010. Operating cash flow for the quarter was a net inflow of USD55.5 million.

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