Sky-mobi Earnings Under Consensus Estimates
(FinancialWire via COMTEX) --
February 16, 2012 (FinancialWire) -- Chinese mobile application store and mobile social network community operator Sky-mobi Limited (NASDAQ: MOBI) (approx. market cap. US$ 149.6 mil.) reported its unaudited financial results for the fiscal third quarter ended December 31, 2011.
Basic and diluted earnings were reported at $0.00 per common share, while consensus market estimates had been projected at $0.07 per share.
Total reported revenues increased 3.8% to $26.6 million for the quarter 2012, compared to the same quarter a year ago. Revenues collected from third party channels, which accounted primarily for revenues not collected through mobile network operators, represented 17.6% of total revenues.
Reported profit from operations was $0.4 million for the quarter, compared to a loss from operations of $0.95 million in previous year's same quarter. Net profit was reported at $1.0 million for the quarter, which was down 96.6% compared to same quarter a year prior.
Sky-mobi chairman and CEO Michael Tao Song commented, "Our performance was in line with our expectations. The transition from feature phones to premium feature phones and smart phones in China is accelerating, as reflected in the decline in revenue from our application store. According to a report dated July 2011 issued by Analysys International, an independent research and advisory firm, the feature phone market is the largest mobile phone segment in China and is expected to continue to dominate the mobile phone market for the next few years. Therefore," continued Song, "the transition to smart phones is still in its early stages and we are adapting to these changes with increased focus on the Maopao Community and Android products."
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Sky-mobi Limited (NASDAQ: MOBI)
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