Perfect World Falls, Despite Beating Estimates (PWRD)

Although it managed to beat Wall Street estimates, shares of Beijing, China based Perfect World Co., Ltd. PWRD are down 2.7% at $30.62 per share during after hours trading. Analysts covering the company's stock give it a consensus price target of $32.62 per share. Perfect World Co., Ltd reported 3rd quarter adjusted income of 68 cents per share, on revenue of $98.4 million. According to a poll of Wall Street analysts by Thomson Reuters, the consensus Wall Street estimate called for earnings of 54 cents per share, on revenue of $89.96 million. Michael Chi, chairman and chief executive officer of Perfect World (PWRD) said, "Our third quarter results were mixed as our overall revenues came in ahead of our guidance due to the contribution from our television and movie business. Our performance in the online gaming business was slightly softer than we anticipated. However, our continuing strategic expansion into television, movies and other related businesses is not only broadening our revenue streams, but also providing access to content and resources that are expected to create synergies between different segments of our business in the future." Read more from Benzinga's Company news.