NEW YORK (TheStreet) -- Shares of YY (YY) - Get Report were advancing in after-hours trading on Wednesday after the company reported better-than-expected earnings for the 2016 second quarter and announced management changes.
After today's closing bell, the Chinese video streaming company posted earnings of $1 per share, surpassing analysts' estimates of 71 cents per share.
Revenue jumped 45.9% year-over-year to $298 million.
During the period, monthly active users on the YY platform increased by more than 16% to 141.9 million users compared to last year.
YY also appointed Zhou Chen as CEO. Former CEO David Xueling Li will succeed Jun Lei as chairman, who resigned his post effective immediately. Lei is leaving the company in order to "focus his energy" on Xiaomi, where he is currently CEO and chairman, according to a statement.
The company plans to leverage its core broadcasting technology to more broadly support the increasing popularity of mobile live-broadcasting on its online music and entertainment platform with the shift.
In June, the company revamped its online music and entertainment branding to YY Live.
More than 3.15 million shares of the company's stock traded on Wednesday, higher than its 30-day daily average of 1.13 shares.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "hold" with a ratings score of C+.
The company's strengths can be seen in multiple areas, such as its robust revenue growth, reasonable valuation levels and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, a generally disappointing performance in the stock itself and feeble growth in the company's earnings per share.
You can view the full analysis from the report here: YY