YY Q3 Profit More Than Doubles

(RTTNews) - YY Inc. (YY) reported net income for the third quarter of RMB286.2 million, or US$46.6 million, compared to RMB129.0 million for the year-ago quarter.

Earnings per ADS for the third quarter increased to RMB4.77 (US$ 0.78) from RMB2.17 in the prior year quarter.

Excluding items, adjused net income for the third quarter increased 88.7% to RMB322.3 million (US$52.5 million) from RMB170.8 million in the corresponding period of 2013.

Adjusted earnings per ADS for the third quarter increased 87.1% to RMB 5.37 (US$0.87) from RMB2.87 in the same quarter last year.

Net revenues for the third quarter rose 105.3% to RMB1.0 billion (US$163.0 million) from RMB487.2 million a year earlier, mainly driven by a 114.6% increase in revenues from internet value-added services revenues.

Analysts polled by Thomson Reuters expected the company to earn US$0.76 per share on revenue of US$152.54 million for the third quarter. Analysts' estimates typically exclude special items.

Looking forward, the company forecasts fourth quarter net revenues to be between RMB1.08 billion and RMB1.10 billion, representing a year-over-year growth of about 76% to 80%.