Com2uS downgrades 2010 guidance as Q2 sales drop 15% to $5.6 million

Korean mobile games publisher Com2uS (KOSDAQ: 078340) has announced its unaudited financial results for Q2 2010.

Revenue was 6.7 billion Won ($5.6 million), down 15 percent year-on-year.

Net income was 0.6 billion Won ($0.5 million), down 48 percent year-on-year.

Over the first six months of FY2010, revenue was 13.5 billion Won ($11.4 million), down 10 percent year-on-year.

Net income was 1.9 billion Won ($1.6 million) for the same period, down 0.5 percent.

Sales downgrade

Com2uS said the drop in revenue was partly due to weak sales of the sequel to Super Action Hero 4 in Korea.

In contrast, it said that it was experiencing strong smartphone sales, up 368 percent year-on-year, and 34 percent quarter-on-quarter to 2.4 billion Won ($2 million) for the six months. This is 17 percent of total consolidated revenue.

Giving guidance on future sales, Com2uS downgraded its previous estimates, saying it expected total sales for 2010 to be 30.2 billion Won ($25 million) and net income of 5.4 billion Won ($4.5 million).

It upped its target for smartphone sales however, saying it planned to release 11 iPhone games in the second half of 2010, compared to 4 in the first half.

[source: Com2uS]