Changyou Q2 Profit Declines; Provides Q3 View

(RTTNews) - Chinese online game developer and operator Changyou.com Ltd. (CYOU) Monday announced second quarter net income attributable to the company of $32.93 million or $0.62 per share, down from $44.91 million or $0.84 per share last year.

Non-GAAP net income attributable to Changyou.com was $36 million versus $52 million a year ago. Non-GAAP net income attributable to Changyou.com per fully-diluted ADS was $0.68, compared to $0.95 reported a year earlier. Revenue for the quarter declined 36 percent to $129.16 million from $202.15 million prior year. Online game revenues were $99 million, representing a decrease of 42% year-over-year.

On average, 5 analysts polled by Thomson Reuters expected the company to earn $0.60 per share on $129.69 million revenues. Analysts estimates usually exclude special items.

Looking ahead to third quarter, Changyou expects total revenues to be between $125 million and $135 million, including online game revenues of $90 million to $100 million.

The company also predicts third quarter non-GAAP net income attributable to Changyou.com to be between $25 million and $30 million or $0.47 and $0.56 per ADS.

Wall Street analysts are looking for $0.56 per share on revenue of $134.03 million.