Why Cheetah Mobile Inc. Shares Are Soaring Today

Shares of Cheetah Mobile (NYSE: CMCM) are flying high today, up 17.2% as of 12:33 p.m. EST. The China-based mobile apps maker and worldwide advertising platform operator reported third-quarter results early in this morning, crushing Wall Street's earnings estimates by a wide margin.

Cheetah Mobile's third-quarter sales rose 6.1% year over year, landing at $179.6 million. Analysts would have settled for $178.5 million.

On the bottom line, the company more than doubled its adjusted earnings to $0.17 per ADS. Here, the Street was looking for $0.09 per ADS.

Source: Fool.com