Cheetah Mobile earnings for the company’s fourth quarter of 2018 was hitting the stock hard on Monday morning, but it has recovered.
Cheetah Mobile (NYSE:CMCM) reported earnings per share of 81 cents for the fourth quarter of the year. This is down from its earnings per share of $1.05 for the fourth quarter of 2017. However, it was still able to beat Wall Street’s earnings per share estimate of 20 cents for the period.
The Cheetah Mobile earnings report for the fourth quarter of 2018 also includes net income of $112.00 million. This is down roughly 26% from the company’s net income reported in the same period of the year prior.
Cheetah Mobile earnings for the fourth quarter of the year has operating income coming in at $10.90 million. This represents about a 66% drop from the company’s operating income reported in the fourth quarter of the previous year.
Revenue reported in the Cheetah Mobile earnings release for the fourth quarter of 2018 comes in at $200.90 million. This has revenue for the period increasing by 2% from the same time last year. Unfortunately for CMCM, this is below analysts’ revenue estimate of $209.06 million for the quarter.
“We achieved full year 2018 financial results that were in line with our previous expectations, mostly driven by growths in our mobile games operation, mobile utility products business in the domestic market, and artificial intelligence powered business,” Sheng Fu, Chairman and CEO of Cheetah Mobile, said in a statement.
CMCM stock started off down 5% when the markets opened on Monday, but is now up slightly as of Monday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.