没人回，贴过来了。。。自己看吧，呵呵
Net revenues. Our net revenues for the three months ended March 31, 2011
were US$20.6 million, a 46.6% increase from US$14.0 million for the three
months ended March 31, 2010 and a 1.7% decrease from US$20.9 million for the
three months ended December 31, 2010. The change in net revenues as
compared to the three months ended March 31, 2010 was due to the change in
both our online advertising revenues and IVAS revenues.
Online advertising. Our online advertising revenues increased by 100.5% from
US$4.1 million for the three months ended March 31, 2010 to US$8.1 million
for the three months ended March 31, 2011. This increase was attributable to
the growth of our SNS platform and user base and therefore the increased
use of our platform by advertisers to reach our users. The number of our
activated users increased from approximately 91 million as of March 31, 2010
to approximately 117 million as of March 31, 2011, and our monthly unique
log-in users increased from approximately 23 million in March 2010 to
approximately 31 million in March 2011. We were able to effectively increase
the average spending per advertiser by selling more advertising time and
space to advertisers during the period and increase the effective average
price for our advertising time and space. As most of our advertisers conduct
advertising campaigns on our websites across different months or quarters
in a given year, a quantitative analysis of the number of our advertisers on
a quarterly basis is not meaningful.
Our online advertising revenues decreased by 9.7% from US$9.0 million for
the three months ended December 31, 2010. Such decrease was due to the
seasonal fluctuations of our online advertising business. We generally
generate less revenues from online advertising during the first quarter of
each year due to the slowdown of business during the Chinese New Year
holiday season that lasts approximately two weeks.
•
IVAS. Our IVAS revenues increased by 24.7% from US$10.0 million for the
three months ended March 31, 2010 to US$12.4 million for the three months
ended March 31, 2011. Compared to the three months ended December 31, 2010,
our IVAS revenues increased by 4.4% from US$11.9 million for the three
months ended December 31, 2010. The increase in IVAS revenues was due to
increases in both online games revenues and other IVAS revenues.
Online games revenues was US$9.1 million for the three months ended March 31
, 2011, an increase of 11.3% from US$8.2 million for the three months ended
March 31, 2010 and an increase of 6.2% from US$8.6 million for the three
months ended December 31, 2010. The increases were due to the increases in
the revenues generated from both self-developed games and third-party
developed games. The number of third-party developed games we offered
increased from 13 as of March 31, 2010 to 28 as of December 31, 2010 and to
30 as of March 31, 2011. For our self-developed games, we had approximately
217,000 active paying accounts for the three months ended March 31, 2011,
compared to approximately 230,000 active paying accounts for the three
months ended March 31, 2010 and 204,000 active paying accounts for the three
months ended December 31, 2010.
Other IVAS revenues was US$3.3 million for the three months ended March 31,
2011, an increase of 87.6% from US$1.8 million for the three months ended
March 31, 2010 and a decrease of 0.3% from US$3.3 million for the three
months ended December 31, 2010. The increase as compared with the three
months ended March 31, 2010 was due to increases in revenues from paid
applications, VIP memberships, social commerce services and other value-
added services we provided to our customers. Revenues from paid applications
and VIP memberships increased from US$1.4 million for the three months
ended March 31, 2010 to US$1.9 million for the three months ended December
31, 2010 and to US$2.0 million for the three months ended March 31, 2011.
Such increase in revenues from paid applications and VIP memberships were a
result of the further monetization of our platform during the period, as
evidenced by the increase in our other IVAS active paying users. Our other
IVAS quarterly paying users amounted to approximately 473,000 in the three
months ended March 31, 2011, increased from approximately 449,000 in the
three months ended March 31, 2010 and approximately 418,000 in the three
months ended December 31, 2010. Revenues derived from our social commerce
services increased from nil for the three months ended March 31, 2010 to US$
0.9 million for the three months
ended March 31, 2011. As of March 31, 2011, we had 2.8 million registered
Nuomi users, including 1.3 million paying users, compared to approximately 1
.6 million registered Nuomi users, including approximately 0.7 million
paying users as of December 31, 2010.
Cost of revenues. Our cost of revenues for the three months ended March 31,
2011 was US$4.1 million, a 14.4% increase from US$3.6 million for the three
months ended March 31, 2010 and a 3.6% decrease from US$4.2 million for the
three months ended December 31, 2010. As a percentage of our total net
revenues, our cost of revenues decreased from 25.4% for the three months
ended March 31, 2010, to 20.2% for the three months ended December 31, 2010
and to 19.8% for the three months ended March 31, 2011.
Operating expenses. Operating expenses for the three months ended March 31,
2011 were US$21.2 million, an 88.6% increase from US$11.2 million for the
three months ended March 31, 2010 and a 47.5% increase from US$14.3 million
for the three months ended December 31, 2010. The increases were due to
increases in our selling and marketing expenses, research and development
expenses and general and administrative expenses. Selling and marketing
expenses for the three months ended March 31, 2011 were US$9.8 million,
compared to US$4.9 million for the three months ended March 31, 2010 and US$
4.8 million for the three months ended December 31, 2010. Research and
development expenses were US$8.4 million for the three months ended March 31
, 2011, compared to US$4.7 million for the three months ended March 31, 2010
and US$7.1 million for the three months ended December 31, 2010. General
and administrative expenses were US$3.0 million for the three months ended
March 31, 2011, compared to US$1.7 million for the three months ended March
31, 2010 and US$1.7 million for the three months ended December 31, 2010.
During the three months ended March 31, 2011, we substantially increased our
selling and marketing expenses to carry out our brand advertisement
campaign for Nuomi and expanded our research and development efforts, and as
a result, our operating expenses as a percentage of our net revenues
increased from 80.0% for the three months ended March 31, 2010 to 102.9% for
the three months ended March 31, 2011. Our total operating expenses for the
three months ended March 31, 2011 included share-based compensation
expenses of US$1.3 million, compared to US$0.6 million for the three months
ended March 31, 2010 and US$0.8 million for the three months ended December
31, 2010.
Loss from continuing operations. Loss from continuing operations for the
three months ended March 31, 2011 was US$2.6 million, compared to US$10.7
million for the three months ended March 31, 2010 and US$34.2 million for
the three months ended December 31, 2010.
Adjusted net income/loss (Non-GAAP). Our adjusted net loss for the three
months ended March 31, 2011 was US$1.1 million, as compared to US$0.6
million adjusted net income for the three months ended March 31, 2010 and US
$5.2 million adjusted net income for the three months ended December 31,
2010. Our US$1.1 million adjusted net loss for the three months ended March
31, 2011 reflected an aggregate amount of US$1.5 million in non-cash
expenses for share-based compensation expenses and amortization of
intangible assets being added back to our US$2.6 million loss from
continuing operations. Our US$0.6 million adjusted net income for the three
months ended March 31, 2010 reflected an aggregate amount of US$11.3 million
in non-cash expenses consisting of the change in fair value of our then
outstanding series D warrants, share-based compensation expenses and
amortization of intangible assets being added back to our US$10.7 million
loss from continuing operations. Our US$5.2 million adjusted net income for
the three months ended December 31, 2010 reflected an aggregate amount of US
$39.4 million in non-cash expenses consisting of the change in fair value of
our then outstanding series D warrants, share-based compensation expenses,
amortization of intangible assets and impairment of intangible assets being
added back to our US$34.2 million loss from continuing operations. Adjusted
net income (loss) is a non-GAAP financial measure. See “Management’s
Discussion and Analysis of Financial Condition and Results of Operations—
Non-GAAP Financial Measure” for more information.
Net loss. Net loss for the three months ended March 31, 2011 was US$2.6
million, compared to US$12.1 million for the three months ended March 31,
2010 and US$33.9 million for the three months ended December 31, 2010.
