Sky-mobi Ltd., operator of China’s largest mobile application store by sales, forecast revenue will rise 50 percent next fiscal year as China’s adoption of third- generation services boosts demand for smartphones.
The Nasdaq-listed company “has good confidence” revenue will rise to more than 1 billion yuan ($152 million) in the fiscal year ending March 31, 2012, Chief Financial Officer Carl Yeung said in a phone interview from Hong Kong today. That compares with estimated revenue of up to 669 million yuan for the fiscal year ending March 31, 2011, he said.
Sky-mobi’s American depositary receipts rose 9.8 percent to $10.87 yesterday in New York. The shares have more than doubled this year, bolstered by surging growth in Internet-enabled mobile devices in China. Users of such devices are expected to reach 600 million by 2012, up from 288 million in the fourth quarter of 2010, said research company Analysys International.
“It does tell a story that U.S. investors pay for companies that can generate financial numbers,” said Yeung. “China alone can support a sustainable growth story.”
Sky-mobi plans to boost net margins to more than 15 percent next fiscal year from 8.2 percent last fiscal quarter, Yeung said. The company on Feb. 14 forecast fourth-quarter revenue of up to $171 million yuan.
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