Online game developer and operator Changyou.com Limited (CYOU) Monday reported an increase in its fourth-quarter profit, benefiting from higher online game revenues. The results topped analysts' estimates. The company further provided outlook for the first quarter of 2013.
For the period, the Chinese gaming firm posted net income attributable to company of $75.15 million or $1.41 per ADS compared with prior-year net income of $64.33 million or $1.21 per ADS.
The company posted adjusted earnings of $1.42 per ADS for the period. Six analysts, on average, polled by Thomson Reuters expected earnings per ADS of $1.31 for the quarter. Analyst estimates typically exclude one-time items.
The company clocked revenue of $173.54 million for the three-month period, up from $137.65 million a year before, and higher than the consensus estimate of $168.83 million. Online game revenues rose 29 percent to $158.94 million from last year's $123.25 million.
Looking forward, Changyou.com said it expects adjusted earnings for the first quarter of 2013 to fall between $74.0 million and $77.0 million and adjusted earnings per ADS between $1.38 and $1.44. Revenue expectations for the first three months of the year are at between $168.0 million and $174.0 million.
Analysts,on average, expects earnings per ADS of $1.38, on revenue of $166.90 million.
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