China's Perfect World Sees Profit, Revenues Climb In Q3

Chinese online game developer and Cryptic Studios owner Perfect World saw an uptick in both profits and revenues roughly in line with its financial guidance, the company reported Monday. Revenues were reported at 708.9 million yuan ($112 million), up from 579.2 million yuan accrued during the same period last year and in line with an analyst consensus of $117.4 million. Profits for the quarter were 587.7 million yuan ($92.1 million), up from 486.9 million a year ago. The company's guidance was adjusted earlier in the year due to a decision to "slow down in-game promotional activities for some of our existing games," according to chairman and CEO Michael Chi. "While focusing on further enhancing the content of our portfolio is necessary for our healthy long-term growth, this decision did slow our revenues for the third quarter on a sequential basis. But our third quarter results still represent solid year-over-year revenue growth of 22.4 percent." The company recently made headlines when it was revealed that Cryptic Studios' upcoming Neverwinter MMO was switching to a free-to-play model under its new owner's guidance.