YY - Why JOYY Stock Jumped Today
Shares of JOYY (NASDAQ: YY) jumped as much as 13% today after the company reported third-quarter earnings. JOYY also announced that Chinese search giant Baidu (NASDAQ: BIDU) would acquire its live streaming business. As of 2:35 p.m. EST, the stock had given up much of those gains and was up just 3%.
Revenue in the third quarter came in at 6.3 billion yuan ($925.9 million), ahead of the consensus estimate of $899.2 million. That translated into adjusted earnings per American depositary share (ADS) of $1.31, which also topped the $1 per ADS in adjusted profits that analysts were modeling for. The Chinese technology company , which operates social media platforms, said global average mobile monthly active users (MAUs) declined to 390.1 million after the Indian government blocked certain apps.
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Why JOYY Stock Jumped Today