Chinese mobile and online gaming company KongZhong (NASDAQ:KZ) has announced its unaudited results for FY14 Q2, the three months ending 30 June 2014.
Total revenues were $57.9 million, up 17 percent quarter-on-quarter and 33 percent year-on-year.
Of this, mobile games accounted for $10.5 million (or 18%), up 30 percent quarter-on-quarter and 182 percent year-on-year.
Mobile game generated gross profit of $4.6 million, up 14 percent and 203 percent respectively.
Overall, however, because of the cost of launching new games, KongZhong only posted net income of $70,000.
The company ended the quarter with cash and equivalents worth $231 million.
More to come
In terms of big PC online game launches during the quarter, KongZhong released Guild Wars 2 and World of Warplanes in China.
CEO Leilei Wang revealed that the company would release five key mobile titles in 2014 including games from Japanese and Korean developers in the puzzle and action RPG genres.
The company is also working on a real-time strategy game and a RPG based on the Kuiba animated movies series.
During the quarter, KongZhong invested around $16 million in fellow Chinese mobile game publisher Ourgame, which has since floated on the Hong Kong Stock Exchange. It is currently booking this investment at $28 million.