Sungy Mobile Q4 Profit Rises - Update

(RTTNews) - Mobile app developer Sungy Mobile Ltd. (GOMO), Tuesday reported a surge in profit for the fourth quarter, as revenues soared over 63 percent reflecting strong demand for its mobile applications.

China-based Sungy Mobile's fourth-quarter profit rose to 30.8 million yuan or 0.76 yuan per share from 17.5 million yuan or $0.12 yuan per share last year. On U.S dollar basis, earnings for the quarter were $5.1 million or $0.12 per share.

Sungy Mobile, reporting its first quarterly results as a US-listed company, said adjusted earnings for the period were 1.19 yuan per share or $0.20 per share.

Revenues for the fourth quarter surged 63.5 percent to 98.9 million yuan from 60.5 million yuan last year. In U.S. dollar terms, revenues for the quarter aggregated $16.3 million. Analysts polled by Thomson Reuters expected revenues of $15.8 million for the quarter.

Revenues from mobile application products and services increased by 230.7 percent to 50.9 million yuan.

Sungy Mobile's Chief Executive Yuqiang Deng said, "For the first time in our Company's history, revenues from mobile app products and services accounted for over 50% of our total revenues, representing a major and increasingly promising growth driver of our overall business."

Gross margin improved to 75.1 percent from 65.3 percent last year.

Looking ahead to the first quarter, the company expects revenues of 92 million to 95 million yuan.

GOMO closed Tuesday's trading at $28.11, up $0.90 or 3.31%, on the Nasdaq. The stock further gained $0.96 or 3.42%, in after-hours trade.