Chinese mobile and online gaming company KongZhong (NASDAQ:KZ) has announced its unaudited results for Q1 FY14, the 3 months ending 31 March 2014.
Total revenues were $49.6 million, up 3.5 percent year-on-year.
Net income was $10 million, up 46 percent.
KongZhong operates western online PC games such as World of Tanks in China, and will soon be launching World of Warships, World of Warplanes and Guild Wars 2.
Mobile boom
Following many quarters of decline, mobile games accounted for $8.1 million of Q1 revenue, up 119 percent.
The gross profit from mobile games was $4 million, up 124 percent.
The reason for this performance was the success of KongZhong's recent releases Kooky Three Kingdoms and Three Kingdom Generals.
"We continue to invest heavily into our self-developed mobile games with a goal to supplement this business through the licensing of overseas games and distribution of our games overseas," commented CEO Leilei Wang.
The company ended the quarter with $202 million in cash and equivalents.
[source: KongZhong IR]
