Cheetah Mobile Inc Shares Climbing After Earnings Report

The stock price of Cheetah Mobile Inc (ADR) (NYSE:CMCM) is climbing after the mobile internet company reported strong financial results for the second quarter. The company’s stock is trading $27.39 per share, up by nearly 2% at the time of this writing, around 2:07 in the afternoon in New York.

During the quarter, Cheetah Mobile Inc (ADR) (NYSE:CMCM) said is diluted earnings were $0.02 per ADS. The company has $310.7 million in cash, cash equivalents and short-term investments as of June 30, 2014.

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Cheetah Mobile’s financial results

Cheetah Mobile Inc (ADR) (NYSE:CMCM) reported that its net income increased 876.9% to $2.2 million and revenues rose 139.3% to $61.3 million during the second quarter. According to the company, its mobile revenues increased 1,103% to $12.3 million.

In a statement, Mr. Sheng Fu, the chief executive officer of Cheetah Mobile Inc (ADR) (NYSE:CMCM) said all of the core business categories of the company delivered strong results in the second-quarter. He added that the company’s user growth is growing rapidly, which is laying a strong foundation for its growth in the future.

“We remain focused on creating differentiated mobile applications to drive user growth and engagement. Going forward, we will continue to pursue strategic opportunities to expand our mobile business, and to maintain our leading global market position,” said Mr. Fu.

Key operating metrics

During the quarter, Cheetah Mobile Inc (ADR) (NYSE:CMCM) said its total mobile user installations climbed 32% to 662.2 million. Its monthly mobile actives users (Mobile MAUs) were 283.4 million, up by 255.2%.

Cheetah’s international mobile MAUs rose 67% while the MAUs for its Personal Start Page rose 70.2% to 67.6 million by the end of the period.

The five mobile applications of Cheetah Mobile Inc (ADR) (NYSE:CMCM) included among the top 40 most downloaded non-game apps on Google Play worldwide as of July this year, according to App Annie.

According to Mr. Fu, the Clean Master app of Cheetah Mobile Inc (ADR) (NYSE:CMCM) remained number one in the Tools category on Google Play.

Cheetah Mobile Inc (ADR) (NYSE:CMCM) is a wholly-owned subsidiary of Kingsoft Corporation Limited (HKG:3838). The mobile internet company went public last May.