NQ Mobile Inc. Announces Unaudited Consolidated Financial Results for the First Quarter Ended March 31, 2016
NQ Mobile Inc. announced unaudited consolidated financial results for the first quarter ended March 31, 2016. For the quarter, total net revenues were $73,530,000 compared to $89,202,000 a year ago, mainly because of the divestment of NationSky at the end of 2015. Loss from operations was $7,258,000 compared to $16,825,000 a year ago. Loss before income taxes was $5,578,000 compared to $16,534,000 a year ago. Net loss attributable to NQ Mobile Inc. was $7,830,000 compared to $17,047,000 a year ago. Net loss per Class A and Class B common share, basic and diluted was $0.0160 compared to $0.0371 a year ago. Net loss per ADS, basic and diluted was $0.0800 compared to $0.1855 a year ago. Non-GAAP income from operations was $4,209,000 compared to non-GAAP loss from operations of $1,630,000 a year ago. Non-GAAP net income attributable to NQ Mobile Inc. was $5,967,000 compared to $446,000 a year ago. Non-GAAP earnings per ADS, diluted were $0.0603 compared to $0.0048 a year ago. Net cash used in operations for the first quarter of 2016 was $26.5 million. This was primarily the result of timing and seasonality that resulted in increased accounts receivable and prepaid expenses and a decrease in payables.