Corporate News Blog - Changyou Appoints New CFO
LONDON, UK / ACCESSWIRE / October 3, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Changyou.com Ltd (NASDAQ: CYOU) ("Changyou"), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=CYOU. The Company announced on September 29, 2017, the appointment of Yaobin Wang as its Chief Financial Officer (CFO). For immediate access to our complimentary reports, including today's coverage, register for free now at:
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Yaobin Wang brings with him extensive experience in financial management, having held many senior management positions previously in a number of internet companies, including Sohu, Changyou, and Kaixin001, where he oversaw finance, legal, and M&A functions. Prior to that, he worked at Deloitte for many years. Wang holds a master's degree in Business Administration from Renmin University of China. He is a Certified Public Accountant, a Certified Tax Agent, and a Certified Internal Auditor.
Commenting on the appointment, Dewen Chen, Chief Executive Officer (CEO) of Changyou, stated:
"We are pleased to have Yaobin back. Yaobin will be a significant asset to Changyou with his proven experience in finance and his deep understanding of China's internet industry. Yaobin served as our Financial Director before and is already very familiar with our business model and corporate culture. I'm sure that Yaobin will hit the ground running immediately and contribute to our continued progress."
Wang also expressed his happiness in rejoining Changyou and commented:
"I am happy to be back and I look forward to working with Changyou's management team and financial team again to help the Company achieve its next set of strategic goals."
Earnings Results
On July 31, 2017, Changyou's total revenue was US$150.36 million; representing an increase of 16% compared to revenue of $129.16 million in Q2 2016, and meeting the top end of the Company's updated guidance.
For Q2 2017, Changyou's online game revenue was US$122.40 million, up 23% compared to revenue of $99.22 million in Q2 2016, and exceeding the Company's updated guidance.
During Q2 2017, GAAP net income attributable to Changyou was US$51.54 million, or $0.98 per diluted share, compared to GAAP net income of $32.93 million, or $0.62 per diluted share, in Q2 2016; in-line with the Company's updated guidance.
The Company's non-GAAP net income attributable to Changyou was US$61.02 million, or $1.14 per diluted share; representing an increase of 68%, and was in-line with the Company's updated guidance.
About Changyou.com Ltd
Changyou is a leading developer and operator of online games in China, with a diverse portfolio of popular online games such as Tian Long Ba Bu (TLBB), one of the most popular PC games in China, as well as a number of mobile games. Changyou also owns and operates the 17173.com Website, a leading game information portal in China.
Changyou began operations as a business unit within Sohu.com Inc. in 2003, and was carved out as a separate, stand-alone Company in December 2007. It completed an initial public offering on April 07, 2009. Changyou has an advanced technology platform that includes advanced 2.5D and 3D graphics engines, a uniform game development platform, effective anti-cheating and anti-hacking technologies, a proprietary cross-networking technology, and an advanced data protection technology.
Last Close Stock Review
Changyou.com's share price finished yesterday's trading session at $40.14, rising 1.34%. A total volume of 144.91 thousand shares have exchanged hands. The Company's stock price soared 3.83% in the last three months, 44.44% in the past six months, and 47.30% in the previous twelve months. Additionally, the stock skyrocketed 89.16% since the start of the year. Shares of the Company have a PE ratio of 13.26 and currently have a market cap of $2.07 billion.
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