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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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November 18, 2015
06:58 EDTNQNQ Mobile enters into binding agreement to sell Beijing Tianya
NQ Mobile announced it has entered into a legally binding agreement to sell 100% of the equity interest in Beijing Tianya , which operates NQ Mobile's mobile health applications related business, to Tack Fiori International Group, a Cayman Islands company listed in Hong Kong, for an aggregate consideration of $40M. Beijing Tianya is a wholly owned subsidiary of Beijing NQ Technology Co., Ltd., NQ Mobile's consolidated affiliated entity in China. The company's board has approved both the transaction and the Agreement. The closing of the transaction is subject to the condition that Tack Fiori obtains the necessary approvals, including shareholder approval, to complete the transaction, as well as additional customary closing conditions, and the satisfaction and compliance of all relevant requirements under the Rules Governing the Listing of Securities on the Hong Kong Stock Exchange Limited.

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