The9 Limited Posts 2 Quarters Of Losses

NEW YORK (AP) — Chinese online game operator and developer The9 Limited said Thursday it lost money in the last two quarters and revenue fell sharply in the April-to-June period.

The company said it lost 79.2 million yuan ($11.6 million), or 3.15 yuan (46 cents) per share, in the quarter ended June 30, compared with net income of 99 million yuan ($14.5 million) a year earlier.

Adjusted net income excluding items was 3.1 million yuan ($500,000), or 0.12 yuan (2 cents) per share, compared with 199.4 million yuan ($29.2 million), or 1.84 yuan (27 cents) per share a year earlier, the company said.

Analysts surveyed by Thomson Reuters expected the company to earn 39 cents per share.

The company blamed the loss mostly on lower revenue from World of Warcraft. The license expired June 7.

Revenue fell 37 percent to 287.9 million yuan ($42.2 million).

For the quarter ended March 31, the company said it lost 46.8 million yuan ($6.9 million), or 1.78 yuan (26 cents) per share, compared with net income of 75.6 million yuan ($11.1 million), or 2.70 yuan (40 cents) per share, a year earlier.