UPDATE: Shanda Games Q1 Earnings Up 7.6%

Shanda Games Ltd

reported a 7.6% rise in its first-quarter earnings. Shanda Games' quarterly profit surged to 336.8 million Chinese yuan, ($53.4 million), or CNY1.20(19 U.S. cents) an American depositary share (ADS), versus CNY 312.9 million, or CNY1.10 an ADS, in the year-ago period. Excluding items, per-ADS earnings came in at CNY1.36 (22 cents). Analysts were expecting a profit of $0.20 per-share. Its net revenue gained 11% to CNY1.39 billion ($220.7 million). The company in February expected revenue growth of 10% to 13%. Its gross margin rose to 62.9% from 60.8%. Shanda Games shares closed at $4.05 yesterday.