Chinese media firm Shanda (NSDQ: SNDA) reported Q1 revenue of $111.1 million, a 46.5 percent year-over-year increase. Growth was driven by its core MMO business, which had revenue growth of 54.8 percent to $91.3 million. Net income fell 35 percent in the quarter to $41.2 million, however this was primarily due to the absence of a significant gain on the sale of Sina (NSDQ: SINA) shares in the year-ago quarter. Excluding this gain and other adjustments, net income was up 41 percent to $43.3 million. The company was also dinged by a tax change — the same one that hit Netease (NSDQ: NTES) when it reported its numbers last week.