NQ Mobile raises 2Q revenue outlook
NQ Mobile raises 2nd-quarter revenue outlook, says it will buy remaining stake in NationSky
DALLAS (AP) -- Mobile Internet service provider NQ Mobile Inc. boosted its revenue outlook for the second quarter and agreed to buy the remaining minority interest in a company it already controls.
Beijing-based NQ Mobile said Tuesday that it expects second-quarter revenue above $40 million. Analysts, on average, were expecting revenue of $39.3 million, according to a poll by FactSet.
NQ's earlier guidance was for revenue of $38.5 million to $38.8 million.
NQ also agreed to buy the 45 percent stake of Beijing NationSky Network Technology Inc. that it does not already own. The cash and stock deal is valued at $25.2 million.
Beijing-based NationSky provides mobile services to businesses.
NQ's U.S.-traded shares rose 29 cents, or 3 percent, to $10.08 in late morning trading Tuesday after rising as high as $10.99 earlier in the session. That was its highest level since late March 2012.
