Shares of NQ Mobile Inc (ADR) (NYSE:NQ) are trading down considerably in the pre market this morning after the company reported their unaudited third quarter results after the bell yesterday.
Some of the highlights from this report are as follows:
– Non-GAAP net income was $0.9 million, equating to around $0.01 per ADS for the quarter
– Net Revenue for the quarter was $87.9 million, up 8.3% year-over-year
– Income from operation in quarter was $200,000, compared to a loss of $18.3 million for this quarter last year
Shares are currently down 12.35% in early pre market trading.
“Our strict focus on cost controls and budgets continue to pay off in our results,” said Mr. Zemin Xu, Chief Executive Officer of NQ Mobile. “Although the hardware sales within our enterprise mobility segment performed below expectations, we are pleased to see progress in our entertainment and consumer businesses and see results from our efforts in the monetization of our traffic.”The stock closed at $4.21 during the last session. It is down 2.43% since April 28, 2015 and is uptrending. It has outperformed by 4.06% the S&P500.
NQ Mobile Inc. is a holding company