NEW YORK / ACCESSWIRE / November 14, 2018 / Shares of Chinese stocks YY Inc. and NIO Inc. were both in the green on Wednesday. While NIO Inc. didn’t have any remarkable news, YY Inc. saw its shares soar after announcing positive third quarter results.
YY Inc. shares closed up 8.81% on about 2.8 million shares traded on Wednesday. The Chinese live-streaming social media platform saw its shares pop after announcing third quarter results. It was revealed that the company's quarterly revenue climbed 32.6% year over year to 2.6745 billion yuan, or $597 million. Adjusted (non-GAAP) net income hit $114.6 million and adjusted net income per share was $1.76. Analysts on average were waiting for $1.67 a share with revenue of $590 million. CEO David Xueling Li said, "For YY Live, we continued to leverage our industry-leading AI technology to increase the accuracy and effectiveness of our content recommendation process. Meanwhile, we have initiated a strategic cooperation with Xiaomi to exclusively operate certain entertainment live streaming services on Xiaomi Live. The cooperation will provide Xiaomi's users with a better experience in entertainment live streaming services and enable both YY and Xiaomi to explore additional monetization opportunities. Looking ahead, we will remain focused on cementing YY's leadership in the live streaming industry through product innovation and technology advancements."
NIO Inc. shares were up 4.72% on Wednesday on nearly 30 million shares traded. The Chinese car company didn't have any particular news but it was earlier this month that it reported third quarter financial results. The company's VP of Finance, Nick Wang, said on the earnings call, "Our solid third quarter results get us off to a strong start following the first full quarter of production and deliveries." He also said, "Our total revenues in the third quarter were RMB 1.47 billion or $214 million, representing an increase of 3,095.3% from the second quarter of 2018. Our total revenues are made of two parts; vehicle sales and other sales. Vehicle sales were RMB 1.43 billion or $207.8 million, representing an increase of 3,113.8% from the second quarter of 2018. The increase over the second quarter of 2018 was attributed to an accelerated delivery of the ES8 in the third quarter. Remember that we only started making deliveries of the ES8 in the last three days of June, so our second quarter sales figures reflect the sales from June 28th through June 30th."
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