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Stock Market & Financial Investment News

News Breaks
April 11, 2014
11:51 EDTNQNQ Mobile sinks after EPS miss, disclosure of accounting error
Shares of China's NQ Mobile (NQ) are sinking after the company reported lower than expected fourth quarter earnings per share and said that it had identified an accounting error. NQ Mobile provides mobile Internet services focused on security, privacy and productivity. WHAT'S NEW: NQ Mobile reported fourth quarter EPS of 22c, excluding certain items, compared with analysts' consensus estimate of 32c. The company's revenue, however, came in slightly higher than expected, and it raised its full-year revenue guidance slightly. The company also disclosed that it had identified an overstatement relating to share-based compensation for the three month and nine month period ended last September 30. The overstatement was caused by calculation errors, the company stated. WHAT'S NOTABLE: Last October, short selling research firm Muddy Waters accused NQ Mobile of being "a massive fraud." NQ's largest customer is really itself, and it massively overstates its market share and user base, Muddy Waters alleged at the time. ANALYST REACTION: In a note to investors earlier today, Macquarie analyst Jiong Shao wrote that the company's fourth quarter results were "solid." The company has made new deals with organizations in the healthcare sector and its growing user base has enabled its ad revenue to surge, Shao stated. Deloitte should release the results of its independent audit of NQ on time, added Shao, who kept a $26 price target and Outperform rating on the stock. PRICE ACTION: In late morning trading, NQ Mobile tumbled $2.30, or 14.38%, to $13.69.
News For NQ From The Last 14 Days
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April 21, 2015
09:14 EDTNQNQ Mobile to hold a conference call
Conference call to discuss changes to the company's management team and management structure will be held on April 21 at 9 am. Webcast Link
08:11 EDTNQNQ Mobile announces co-CEO Omar Khan to transition to advisory role
NQ Mobile announced that Omar Khan, current Co-CEO of NQ Mobile, has decided to transition to an advisory role and step down in his capacity as Co-CEO and director of the company, effective as of May 1, 2015. At the same time, Khan will also resign from his position as the CEO of NQ Mobile US, a direct wholly owned subsidiary of the company, and from his other roles within the company. To help with a smooth transition, Khan will remain with the company as an advisor through December 31, 2015. As part of this transition, in order to streamline the management process of the company, the company will also eliminate the Co-CEO management structure. The board has decided to appoint Zemin Xu, the current Co-CEO of the company, to take over as the company's CEO, effective as of May 1, 2015.

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