KongZhong (KONG) Shares Up More Than 3% In After Hours Trading
By Daniel James Hayden IV
March 16, 2010 7:05 PM
March 16, 2010 7:05 PM
Symbols: KONG
Shares of KongZhong Corporation (Nasdaq: KONG) were up more than 3% in after-hours trading, after the Chinese mobile Internet company released an earnings report that beat Wall Street expectations.
KongZhong Corporation reported a 4th quarter profit of $2 million, or 5 cents per American Depositary Share, up from a profit of $522,000, or 1 cent per ADS, a year earlier.
Excluding other items, earnings rose to 13 cents per ADS, up from 3 cents per share a year earlier.
According to a poll of analysts by Thomson Reuters, the average analyst estimate called for earnings of 10 cents per share.
While revenue jumped 28% to $34.3 million, gross margin fell slightly to 45.6% from 46.2%.
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