Friday, February 04, 2005

Shanda Entertainment - The Numbers Don't Smell Right

From AlwaysOnNetwork:
Shanda Entertainment - The Numbers Don't Smell Right

"The numbers reported by Shanda Entertainment for Q4 2004 don't add up - the decline in deferred revenues, the use of one-time investment gains, the significant contribution of revenue growth through acquisition, and the last minute board member resignation of Andy Yang all point to a quarter less than stellar quarter.

Shanda Entertainment reported net revenues of $52.1 million apparently a nice street beating figure. However, as with many companies, the truth lies not in the numbers reported but the numbers omitted. There are several things that did not add up." Read more


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