Chinese game developer Shanda's (SNDA) unaudited consolidated financial results for the first quarter ended March 31, 2008 show net income dropped to CNY288.8 million, down from CNY448.8 million in the first quarter of 2007 and CNY292.6 million in the fourth quarter of 2007.

Shanda reported net revenues of CNY779.8 million, representing an increase of 46.5% from CNY532.3 million in the first quarter of 2007 and 9.2% from CNY714.2 million in the fourth quarter of 2007. Specifically, online game revenues, including MMORPGs and casual games, were CNY757.4 million, an increase of 50.0% from CNY505.0 million in the first quarter of 2007 and 10.0% from CNY688.4 million in the fourth quarter of 2007.

Gross profit for the first quarter of 2008 was CNY542.1 million, a 56.2% increase from CNY347.0 million in the first quarter of 2007 and a 13.1% increase from CNY479.3 million in the fourth quarter of 2007.

Operating income for the first quarter of 2008 was CNY312.1 million, representing a 39.0% increase from CNY224.5 million in the first quarter of 2007 and a 11.9% increase from CNY278.9 million in the fourth quarter of 2007.