KongZhong Posts Higher Q1 Profit

(RTTNews) - KongZhong Corp. (KONG) reported net income for the first quarter of US$ 9.95 million or US$ 0.21 per ADS, compared to US$6.81 million or US$0.16 per share for the year-ago quarter.

Excluding items, adjusted net income for the latest quarter was US$ 10.61 million or US$0.23 per ADS.

Total revenues for the first quarter rose 3.5% year-over-year to US$ 49.61 million.

Looking forward to the second quarter, the company forecasts revenues of US$ 57.5 million to US$ 58.5 million, net loss of US$ 0.5 million to US$1.5 million and adjusted net profit to be roughly break even.

KongZhong also said that it will change its NASDAQ ticker symbol to "KZ" from "KONG" to better align its company branding as a online games company. The new ticker KZ will be effective as the start of trading on June 16.