Latest in Gaming

Image credit:

Perfect World explains third quarter financial performance

Jef Reahard

It looks like Cryptic Studios is in stable financial hands according to a news blurb at Gamasutra. Parent company Perfect World Entertainment saw a rise in third quarter revenue compared to the same period last year.

However, reports that PWE's net profits declined during the same period, primarily due to the Cryptic acquisition and the decision to temper in-game monetization activities in certain titles.

"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," explained chairman and CEO Michael Chi.

From around the web

ear iconeye icontext filevr