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Giant Interactive's Q1 Profit Plunges
Shares of Giant Interactive Group Inc. (GA - Snapshot Report) slipped more than 9% today as first-quarter net profit, reported late Monday, plunged 32% on sluggish revenue.
However, adjusted earnings came in at 15 cents per American Depositary share (ADS), edging past the consensus estimate by a penny. A year ago, the company earned 20 cents.
Revenue for the online game developer fell 21% to $54.7 million, primarily due to disruptions caused by adjustments to ZT Online's monetization structure.
Giant Interactive also said that active paying accounts for online games declined 15% year over year to 1.2 million.
One of 9 covering analysts raised full-year expectations over the past month, sending the consensus up a penny to 60 cents per share.
GA, a Zacks #3 Rank ("Hold") stock, is trading on higher-than-usual volume of approximately 886,000, compared to average daily volume of about 590,000.
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| Market Summary | Nov 21, 2009 17:03 pm ET |
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