Changyou.com Q2 Profit Rises; CFO Jasmine Zhou Resigns

(RTTNews) - Changyou.com Limited (CYOU), online game developer and operator in China, reported that its net income attributable to the company for the second quarter 2017 was US$52 million, compared with US$33 million in the second quarter of 2016. Net income per ADS5 was US$0.96, compared with US$0.62 in the second quarter of 2016.

Non-GAAP net income attributable to Changyou.com Limited was US$61 million, compared with US$36 million in the second quarter of 2016. Non-GAAP net income attributable to Changyou.com Limited per ADS was US$1.14, compared with US$0.68 in the second quarter of 2016 and US$0.66 in the first quarter of 2017.

Total revenue for the second-quarter was US$150 million, representing an increase of 16% year-over-year.

Online game revenue was US$122 million, representing an increase of 23% year-over-year. The year-over-year increases were mainly due to the successful launch of the Company's new mobile game, Legacy TLBB, in the second quarter.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.82 per share and revenues of $135.37 million for the quarter. Analysts' estimates typically exclude special items.

For the third quarter of 2017, Changyou expects total revenue to be between US$160 million and US$170 million, including online game revenue of US$120 million to US$130 million; Non-GAAP net income attributable to Chanyou.com Limited to be between US$55 million and US$60 million, and non-GAAP income per fully-diluted ADS to be between US$1.02 and US$1.12.

GAAP net income attributable to Changyou.com for the third-quarter are expected to be between US$53 million and US$58 million, and GAAP income per ADS to be between US$0.99 and US$1.08. Analysts project third-quarter earnings of $1.05 per share.

Changyou also announced that Ms. Jasmine Zhou has submitted to the Company's Board of Directors her resignation as the Company's Chief Financial Officer, for personal reasons. Ms. Zhou has agreed that she will remain in her current position for a suitable period, in order to allow the Company's management and the Board to identify a suitable replacement for Ms. Zhou.