Why Shares of YY Inc. Skyrocketed Today
Shares of YY Inc. (NASDAQ: YY) were up 21.8% as of 2:30 p.m. EST Wednesday after the China-based live-streaming social media platform announced quarterly results that easily outpaced Wall Street's expectations.
More specifically, for its third quarter of 2017, YY's revenue climbed 48% year over year to $464.8 million, which translated to 46.7% growth in adjusted net income to $96.1 million. Adjusted net income per American depositary share (ADS) climbed 41.2% to $1.59. By comparison, analysts' consensus estimates predicted significantly lower adjusted earnings of $1.45 per ADS on revenue of $422.8 million.
IMAGE SOURCE: YY INC.
Source: Fool.com
