Why Cheetah Mobile Stock Briefly Sprinted Higher

Shares of Cheetah Mobile (NYSE: CMCM) briefly sprinted higher this morning, up as much as 9% in early trading, after the company reported second-quarter earnings. The stock has since given back most of those gains and is up 2% as of 12:20 p.m. EDT.

Revenue in the second quarter declined by 59% to 394.2 million yuan ($55.8 million), which translated into adjusted net income of 243.9 million yuan ($34.5 million), or 1.74 yuan ($0.25) per American depositary share (ADS).

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Source Fool.com