Chinese online game developer Changyou.com Limited has announced its unaudited financial results for the first quarter ended March 31, 2009, just weeks after its initial public offering.

Total revenues at Changyou.com reached a record of USD61.6 million, an increase of 6% quarter-over-quarter and 50% year-over-year. Aggregate peak concurrent users for its games grew 16% quarter-over-quarter and 47% year-over-year to 970,000, while active paying accounts grew 14% quarter-over-quarter and 50% year-over-year to 2.27 million.

Revenues from game operations increased 5% quarter-over-quarter and 46% year-over-year to USD59.3 million. The increases were mainly due to the higher active paying accounts, which reflects the growing popularity of the company's online games. Overseas licensing revenues increased 14% quarter-over-quarter and 493% year-over-year to USD2.3 million.

Cost of revenues decreased 21% quarter-over-quarter and increased 7% year-over-year to USD3.4 million. Non-GAAP cost of revenues decreased 22% quarter-over-quarter and increased 6% year-over-year to USD3.4 million. Gross profit increased 8% quarter-over-quarter and 54% year-over-year to USD58.2 million.

Operating expenses increased 1% quarter-over-quarter and 23% year-over-year to USD20.3 million. Non-GAAP operating expenses increased 3% quarter-over-quarter and 34% year-over-year to USD19.4 million. Net income increased 15% quarter-over-quarter and 120% year-over-year to USD33.5 million.

As of March 31, 2009, the company had cash and bank deposits of USD195.0 million, compared to USD134.4 million as of December 31, 2008. Operating cash flow for the quarter was a net inflow of USD61.7 million.