Chinese online game firm Shanda Interactive Entertainment Limited has released its unaudited consolidated financial results for the fourth quarter and full year ended December 31, 2008, in which it shows upswings in revenue and net income.
"Despite the global economic weakness, Shanda has achieved another quarter of record results to close out an outstanding year," said Chen Tianqiao, chairman and CEO of Shanda. "2008 was a prosperous year for Shanda as we achieved solid progress in expanding our content offerings, broadening our operational platform, and opening our resources to our partners."
For the fourth quarter, consolidated net revenues increased 42.1% year-over-year and 8.4% quarter-over-quarter to CNY1.02 billion, compared to the company's previous guidance of quarter-over-quarter growth between 5% and 8%. Revenues from MMORPGs increased 45.1% year-over-year and 13.3% quarter-over-quarter to CNY874.6 million. Shanda's net income increased 17.1% year-over-year and 1.7% quarter-over-quarter to CNY342.7 million.
For Shanda's full year figures, consolidated net revenues were CNY3.57 billion, representing an increase of 44.7% from 2007. Net income was CNY1.24 billion, compared with net income of CNY1.40 billion in 2007.