GigaMedia Limited Earnings Cheat Sheet: Stock Slumps on Lower Revenues
GigaMedia Limited (NASDAQ:GIGM) reported its results for the fourth quarter. GigaMedia Ltd. is a provider of gaming software and services to the online gaming industry, and an operator of online games in Greater China, including the PRC, Taiwan, Hong Kong and Macau.
GigaMedia Earnings Cheat Sheet for the Fourth Quarter
Results: Swung to a loss of $5.2 million (loss of 9 cents/diluted share) from net income of $1.3 million or 2 cents per share.
Revenue: Fell to $10.4 million from $37 million in the year earlier quarter.
Quoting Management: “We are making good progress in turning around our Asian online games business,” stated GigaMedia Chief Executive Officer Yichin Lee. “We delivered solid top-line growth this quarter from our current game portfolio and began to more effectively control costs. In coming quarters we are adding new games via a very careful selection process, and we will continue controlling costs to put our business back on track and improve financial performance for 2011,” stated CEO Yichin Lee. “We also expect to add significant value to our balance sheet this year through disposal of investments in certain game-related assets.”
Competitors to Watch: Giant Interactive Group Inc (NYSE:GA), Shanda Interactive Entertainment Ltd ADR (NASDAQ:SNDA), Perfect World Co., Ltd. (NASDAQ:PWRD), Changyou.com Limited (NASDAQ:CYOU), The9 Limited (NASDAQ:NCTY), NetEase.com, Inc. (NASDAQ:NTES), and Microsoft Corporation (NASDAQ:MSFT).
Stock Performance: Shares of GIGM are down 1.56% from the previous close.
(Sources: YahooFinance, Xignite Financials)