KongZhong Q3 Earnings Decline

November 15, 2005 | Print | Email Email | Comments | Category: Wireless



    KongZhong (KONG) has announced its unaudited third quarter 2005 financial results.

    Total revenues in the third quarter of 2005 grew 64% year-over-year and 10% sequentially to a new record of $20.25 million.

    KongZhong also made a one-time provision of $3.5 million related to the pending settlement of class action lawsuit during the quarter.

    Diluted earnings per ADS were $0.10. KongZhong says if it had not incurred the one-time $3.5 million provision and $129,000 in legal expense related to the class action settlement, the diluted earnings per ADS would have been $0.10 greater.

    2.5G revenue grew 36% year-over-year and 6% sequentially to $14.37 million. 2.5G revenue resumed growth from the second quarter of 2005 on the strength of JAVA and multimedia messaging service (MMS) platforms.

    Java revenue grew more than 135% sequentially to reach a new record of $1.07 million during the third quarter, compared to $455,000 in the second quarter of 2005.

    2G revenue grew 220% year-over-year and 22% sequentially to $5.87 million.

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