Shares of China-based YY (YY) jumped in early trading on Friday after the online social network and gaming company said Q2 soared 118% to $66.7 million, above expectations.
Guangzhou, China-based YY late Thursday said it earned 35 cents per ADS, up from a slim loss a year earlier, beating by 14 cents. In the current quarter, YY said it expects revenue growth of about 90%. In Q3, 2012, it had sales of $36.4 million.
The company operates an online social platform that lets users engage in group activities through voice, text and video. Users can play games, watch shows and concerts, screech out karaoke songs and chat with other users with real-time audio and video.
It sells "virtual" goods to online users. Here's IBD's New America report.
"Driven by 170% year-over-year growth in the number of paying users on our YY Music platform, revenues exceeded our expectations and our total paying user numbers grew more than 50% year-over-year," said CEO David Xueling Li, in a statement.
"As we head into the second half of 2013, we're excited about our strategic initiatives designed to further leverage our large scale interactive online. Opportunities like our exclusive partnership with Hunan Satellite Television in China to bring one of China's most popular entertainment shows, Happy Boy to our interactive platform, creates a new level of real-time interactive reality TV."
In Q2, revenue from online games, YY Music and its membership program soared 132% to $59.8 milion on more paying users and per-user revenue. Revenues from online games increased by 87% to $24.8 million.
In a regulatory filing for its IPO, YY said competitors in China include iSpeak, Tencent's (TCEHY) QQtalk, Renren (RENN), and Qihoo 360 (QIHU) .
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