NQ Mobile 2Q earns, revenue beat views; outlook up
DALLAS (AP) — Mobile Internet services provider NQ Mobile Inc. said Monday that its second-quarter net income slipped slightly as revenue more than doubled. Its results beat expectations and shares rose in extended trading.
Net income in the three months to June 30 came to $1.9 million, or 3 cents per American Depositary Share. That compares to the net profit of $2.1 million, or 4 cents per ADS, a year ago.
Excluding stock-based compensation costs, adjusted earnings came to 26 cents per ADS, beating the 17 cents per share expected by analysts polled by FactSet.
Revenue rose to $41.4 million from $20.0 million a year ago. That was also better than the $39.3 million analysts were expecting.
The company said it expects third quarter revenue of $50 million to $51 million, and raised its full-year revenue outlook to $185 million to $188 million, up from the $179 million to $184 million it saw previously.
Analysts had been looking for the company to post third-quarter revenue of $49 million and full-year revenue of $181.4 million.
The company maintains dual headquarters in Dallas and Beijing.
NQ shares rose 31 cents, or 2 percent, to close at $15.90 in the regular session, tacking on another 70 cents, or 4.4 percent, to $16.60 in after-hours trading following the release of the earnings report.
Shares have nearly tripled since the start of the year where they began at $6.04. They are down slightly from a high of $18.59 hit on Aug. 6.