Editorial Summary

Chinese handset design firm China TechFaith Wireless Communication Technology Limited (Nasdaq: CNTF) announced first quarter net revenues of $49.6 million, up 81.8 percent year-on-year and 8.5 percent quarter-on-quarter, after market close on Monday. The company's 3G product sales accounted for 30 percent of the total. TechFaith recorded net income of $2.9 million, compared to a loss of $3.4 million in the year-ago period, for the quarter.

Techfaith expects revenue to come in between $52 million and $54 million in the second quarter of 2008. The company signed with Epic Games China for the development of massively multiplayer online mobile games in March and will begin testing two games in the second quarter with an expectation to generate revenue by the end of the year, according to TechFaith chairman and CEO Defu Dong.