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NQ Mobile raises 2Q revenue outlook

NQ Mobile raises 2nd-quarter revenue outlook, says it will buy remaining stake in NationSky

Associated Press

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.

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