Gravity and KongZhong reveal Q3 revenues

South Korean firm Gravity and Chinese company KongZhong have announced their Q3 financial results, and both revealed big year-on-year increases in their mobile games revenues.

Gravity generated 1.6 billion Korean Won (around $1.3 million) from games in Q3 a rise of 100.5% from Q3 2007, although down 22.3% from Q2 this year.

The company attributes its year-on-year increase to new games released by its Neocyon subsidiary.

Meanwhile, KongZhong says it made $2.37 million from mobile games in Q3 thanks to the "rapid growth" of the market in China 179% up year-on-year, and 63% more than in Q2 this year.

Mobile games were 10% of the company's revenues in Q3, but in the ensuing conference call, chairman and CEO Leilei Wang said the company expects this to rise to 20-25% next year.