Tuesday, May 17, 2005

China's Shanda Q1 2005 Net Revenue up 118.3 pct year-on-year to 497 mln yuan

From Forbes: China's Shanda Q1 2005 net revenue up 118.3 pct year-on-year to 497 mln yuan

"Internet gaming firm Shanda Interactive Entertainment Ltd said net revenues rose 118.3 pct for the first three months of 2005 to 497 mln yuan from a year earlier, driven by strong growth in its gaming business.

In a statement, Nasdaq-listed Shanda said online gaming revenues for the first quarter increased 96.7 pct year-on-year and 13.2 pct from the previous quarter to 441.6 mln yuan.

In February, Shanda bought 19.5 pct of web portal operator Sina Corp's outstanding shares and the following month Shanda announced a strategic partnership with Baidu.com Inc, a Chinese language search engine developer and operator. Shanda said it also formed a strategic partnership in April with Universal Music, pursuant to a memorandum of understanding, to offer Universal's online music to its users through streaming, and in the future on a downloadable basis over its entertainment portal."

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