Revenue increased slightly but full year net income dropped for Chinese wireless value-added services firm KongZhong Corporation as it announced its unaudited fourth quarter 2010 and full year 2010 financial results.
Total revenues for the fourth quarter of 2010 increased 5% year-over-year to USD36.0 million, while net income in the fourth quarter was USD5.01 million, a 330% increase compared to USD1.17 million in the previous quarter, and a 149% increase compared to USD2.0 million in the fourth quarter of 2009.
For the full year 2010, total revenues were USD149.58 million for the full year 2010, or a 14% year-over-year increase. Of that total, WVAS revenues were USD83.28 million, mobile games revenues were USD49.17 million and Internet games were USD17.13 million.
However, full year net income in 2010 was USD11.92 million, compared to 2009 net income of USD12.58 million.
As of December 31, 2010, KongZhong stated that it had USD157.17 million in cash and cash equivalents.