Why Sungy Mobile (GOMO) Stock Is Down Today

NEW YORK (TheStreet) -- Sungy Mobile (GOMO) was falling 10.7% to $12.38 Wednesday after missing analysts' estimates for earnings in the first quarter.

For the first quarter Sungy Mobile reported earnings of 6 cents a share, falling 9 cents below the 15 cents a share estimated by analysts surveyed by Thomson Reuters. Revenue grew 63% from the year-ago quarter to $15.56 million, beating analysts' estimates of $15.3 million for the quarter.

Looking forward to the second quarter Sungy Mobile expects revenue of $16 million to $17 million, below analysts' estimated $18 million for the quarter.

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"Sungy Mobile Limited is a provider of mobile Internet products and services globally with a focus on applications and mobile platform development. The Company's platform product, GO Launcher EX, manages apps, widgets and functions on Android smartphones and serves as users' first entry point to their phones. The Company has developed a portfolio of GO series products, which include its launcher products and a range of other GO series apps and widgets that provide functionality, enhanced performance and personalization for Android smart phones. In addition to its GO series products and GO platform, it also offer 3G.cn, a mobile Internet portal, and mobile reading services, both of which provides the Company with a stable and growing user and paying customer base."

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