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CDC Corp. shares slide after 2Q results

Tue, 08/10/2010 - 1:05pm
The Associated Press

Shares of CDC Corp. slipped Tuesday after the Hong Kong-based business software and media company posted a second-quarter net loss and said there was less demand and fierce competition in the gaming sector during the period.

The quarter's net loss attributable to CDC's controlling interest was $7.9 million, or 8 cents per share, down from net income of $3.2 million, or 3 cents per share, in the same period a year earlier.

On an adjusted basis, the company had breakeven per-share results in the latest quarter.

Revenue slid to $78.6 million from $81.7 million. Adjusted revenue was $80 million.

Analysts, on average, were expecting a profit of 2 cents per share on revenue of $83.4 million, according to a poll by Thomson Reuters.

"While there was less demand and intense competition in the overall games market in China in the second quarter, we are excited about our long-term prospects for our current games portfolio," said CEO Peter Yip CEO in a statement.

The company's U.S.-traded shares fell 11 cents, or 5.6 percent, to $1.87. The stock has traded in the 52-week range of $1.84 and $3.21.

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