The9 Limited 4Q profit falls on charge
The9 Ltd. said late Monday its fourth-quarter profit fell by 48 percent as the Chinese online game operator recorded a $3.5 million impairment charge from an investment in an online game development company in South Korea.
The Shanghai-based company, which operates Blizzard Entertainment’s popular “World of Warcraft” game, said net income for the three months ended Dec. 31 fell to $6.5 million, or 24 cents per share, from $12.6 million, or 43 cents per share, in the same period a year ago.
Revenue fell 4 percent to $59.4 million from $62.1 million.
Analysts surveyed by Thomson Reuters expected a profit of 49 cents per share in the latest quarter on revenue of $64.72 million.
For the full year, The9 (nasdaq: NCTY - news - people ) reported a profit of $51.1 million, or $1.84 per share, up 45 percent from the company’s full-year 2007 profit of $35.3 million, or $1.28 per share. Revenue rose 33 percent to $250.4 million from $187.6 million.
The9 released earnings after its shares rose $1.02, or about 8.4 percent, to close at $13.22. In after-hours trading, the stock fell 92 cents, or 7 percent, to $12.30.
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