Business
GigaMedia Announces Second-Quarter 2019 Financial Results
TAIPEI, Taiwan, Aug. 2, 2019 /PRNewswire/ -- GigaMedia Limited (NASDAQ: GIGM) today announced its second-quarter 2019 unaudited financial results. Comments
About this update from Gigamedia Limited
[{"type":"text","content":"TAIPEI, Taiwan, Aug. 2, 2019 /PRNewswire/ -- GigaMedia Limited (NASDAQ: GIGM) today announced its second-quarter 2019 unaudited financial results.\nComments from Management\nIn the first half of year 2019, we continued devoting efforts to optimizing our product portfolio, building up brand strength and enhancing operational efficiency. For our business in licensed games, the successful launch of Senran Kagura: New Link in April has brought us a satisfactory amount of revenues in its introductory stage, while two underperforming games were terminated. \nFor in-house offerings, besides improving the existing self-developed games, we also have made progress in developing a new casual games platform, aiming to launch it in the second half of 2019. \"As discussed in previous release guidance, we put emphasis on enhancing our in-house products. The direct investment into in-house product development was over $600 thousand in the first half of 2019, which was 9.5% higher than in the same period last year,\" said GigaMedia CEO James Huang.\nWe were also developing a customer platform, which will contribute to our operations in establishing relationships, saving marketing costs, and creating capacity for providing augmented products and services. \"The customer platform is currently under small-scale test-run, but we believe the growing interaction of the customer platform and our wide range of diverse game offerings will generate synergistic effect for one another in the future,\" said CEO James Huang.\n\"The numbers might look similar as in prior quarters,\" stated CEO James Huang, \"but the robustness is now exhibited in our operations, and momentums have gradually accumulated.\"\nSecond Quarter Overview\nOperating revenues increased by approximately 18% quarter-on-quarter, to $1.8 million from $1.5 million last quarter, and 5.49% year-over-year from $1.7 million the same period last year. The increase was mainly attributable to Senran Kagura, a new game launched in April. Gross profit increased slightly to $0.8 million from $0.7 million in the first quarter of 2019. The net asset value was $5.15 per share.Unaudited Consolidated Financial Results\nGigaMedia Limited is a diversified provider of digital entertainment services. GigaMedia's digital entertainment service business FunTown develops and operates a suite of digital entertainme...