Cheetah Mobile Inc (ADR) (NYSE:CMCM) stock was hit hard today after reporting an earnings miss for the second quarter of 2017.
Cheetah Mobile Inc (ADR) reported revenue of $177.2 million for its second quarter of 2017. This is a roughly 15% increase over its revenue from the second quarter of 2016. However, the bad news for CMCM stock is that Wall Street was looking for revenue in the quarter to reach $179.63 million.
Cheetah Mobile Inc (ADR) reported that revenue from utility products and related services was down by 13% from the same time last year. However, revenue from from the mobile entertainment business was up 271% in the second quarter of 2017.
Cheetah Mobile Inc (ADR) reported earnings per share of 9 cents for the second quarter of the year. This is an increase over the company’s loss that was reported during the same time last year. It was also better than analysts’ earnings per share estimate of 8 cents for the second quarter of 2017.
During the second quarter of the year, Cheetah Mobile Inc (ADR) reported net income of $10.4 million. This was also an improvement for the Chinese internet company after it reported a net loss in the same period of the year prior.
Cheetah Mobile Inc (ADR) also released its outlook for the third quarter of 2017 in its most recent earnings report. This has it reporting revenue between $170 million and $178 million for the quarter. Unfortunately for CMCM stock, Wall Street is expecting the company to report revenue of $179.56 million in the third quarter of the year.
CMCM stock was down 13% as of Tuesday afternoon, but is up 7% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.