Giant Interactive 2Q earnings fall 34 percent as sales decline, but still beats expectations

Giant Interactive 2Q earnings fall 34 percent

SHANGHAI — Chinese online game developer Giant Interactive Group Inc. on Tuesday reported a 34 percent decline in second-quarter earnings on declining revenue.

The Shanghai-based company earned $33.9 million, or 15 cents per share, compared with $51.3 million, or 20 cents per share, in the same quarter a year earlier.

Revenue fell 28 percent to $53.3 million from $73.9 million.

Giant just beat the expectations of analysts polled by Thomson Reuters, who, on average, were expecting earnings of 14 cents per share on revenue of $53 million.

However, Giant forecast third-quarter net revenue of $45.4 million to $50.5 million — below analysts’ average estimate of $58.1 million.

American Depositary Shares of Giant fell 34 cents, or 4.4 percent, to $7.40 in after-hours trading. Shares rose 6 cents to close the regular session at $7.74.