Chinese wireless value-added services firm KongZhong Corporation says total revenues for the first quarter of 2009 increased 38% year-over-year and increased 11% quarter-over-quarter to USD29.6 million as the company announced its unaudited first quarter 2009 financial results.
Mobile games accounted for 17% of total revenue in the quarter, compared to 10% in the fourth quarter of 2008. WVAS revenues in the first quarter increased 19% year-on-year and increased 2% sequentially to USD23.66 million.
The company's net income was USD2.52 million, compared with net income of USD520,000 in the last quarter of 2008. As of March 31, 2009, the company had USD141.67 million in cash and cash equivalents.
Chairman and CEO Wang Leilei said, "In my first full quarter as CEO of KongZhong, I'm pleased to report that we have returned the company to a positive operating profit and positioned the company for future growth opportunities."