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.