YY Q2 Profit More Than Doubles

(RTTNews) - YY Inc. (YY) reported net income for the second quarter of RMB221.9 million or RMB3.71 per ADS, compared to RMB92.8 million or RMB1.58 per ADS for the year-ago quarter.

Excluding items, adjusted net income for the second quarter was RMB258.4 million or RMB4.32 per ADS, compared to RMB125.1 million or RMB2.13 per ADS in the prior year quarter.

Net revenues for the second quarter increased 105.6% to RMB841.0 million from RMB409.0 million a year ago, mainly driven by a 118.3% increase in revenues from internet value-added services.

Looking forward, the company forecasts third quarter net revenues to be between RMB925 million and RMB935 million, representing a year-over-year growth of about 90% to 92%.