Giant Interactive 3Q Earnings Rise

But Tuesday morning, Giant's American Depositary Shares fell $3.31, or 22.2 percent, to $11.57 in morning trading. Earlier, shares traded as low as $9.56 -- their lowest trade since the company began trading on the New York Stock Exchange on Nov. 1.

For the quarter ended Sept. 30, Giant earned 290.2 million yuan ($38.7 million, or 18 cents per American Depositary share), compared with 114.9 million yuan in the year-ago period.

Giant's revenue rose year over year to 405.2 million yuan ($54.1 million) from 153.4 million yuan.

The company's online game revenue rose year over year to 404 million yuan ($53.9 million) from 153.4 million yuan. The company also benefited from 1.2 million yuan ($162,004) in overseas licensing revenue in the most recent period.

The company's operating expenses rose year over year to 70.2 million yuan ($9.4 million) from 27.8 million yuan. The company attributed the increase to ongoing investments meant to speed up the expansion of the business.

Giant said active paying accounts for its game "ZT Online" rose 88.9 percent year over year to 1.3 million, while average revenue per user rose 38.8 percent to 305.2 yuan.

Looking ahead, the company expects revenue of between 425 million yuan and 430 million yuan in the fourth quarter.

Giant anticipates releasing a new "ZT Online" expansion pack in the fourth quarter, and said the game "King of Kings III" will begin an internal testing phase soon.