Editorial Summary

GigaMedia Limited (Nasdaq: GIGM) reported first quarter financial results after market close on Tuesday. The company's consolidated revenues were up 51 percent year-on-year and 15 percent quarter-on-quarter to $54.6 million, while net income was up 43 percent year-on-year and 13 percent sequentially to $12.1 million.

Shanghai-based online game company T2CN contributed $5.9 million to GigaMedia revenues, up 48 percent from the previous quarter. GigaMedia attributes T2CN growth to increased revenue from T2CN's licensed online basketball game FreeStyle and the appreciation of Chinese currency against the US dollar. T2CN's average monthly active paying accounts were up 43 percent quarterly to approximately 514,000 accounts while average monthly revenue per account was $3.86, up 12 percent quarter-on-quarter. FreeStyle recorded peak concurrent users (PCU) of approximately 185,000 users, up seven percent from the previous quarter.