China-based streaming social media platform YY (NASDAQ: YY) saw its stock jump on Tuesday, rising as much as 16.3%. As of 10:52 a.m. EST, however, the stock was up 13.1%.
The stock's gain follows YY's fourth-quarter earnings report, which included better-than-expected fourth-quarter results.
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YY reported fourth-quarter revenue of 4.64 billion renminbi, about $675 million. This was up 28% from the year-ago quarter. Non-GAAP (generally accepted accounting principles) earnings per share for the period was $1.87, down from $2.27 in the year-ago quarter.
On average, analysts were expecting revenue of $667 million and non-GAAP EPS of $1.77.
The company's strong top-line growth was driven by an 18.1% year-over-year increase in mobile live streaming monthly active users and a 36.6% year-over-year increase in live streaming paying users.
Looking ahead, YY said it expects first-quarter revenue to rise 23.4% to 28% year over year when the impact of its just-closed acquisition of live streaming platform Bigo is excluded. In addition, YY CEO David Xueling Li said in the company's fourth-quarter earnings release that the company will continue executing its "globalization strategy as a potential driver for our long-term growth going forward."
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