NEW YORK (TheStreet) -- Shares of NQ Mobile Inc. (NQ) are skyrocketing 20.47% to $8.18 on Friday following a pair of announcements from the company, which is a global provider of mobile Internet services including security, privacy, and productivity.
NQ Mobile announced it has raised its 2014 first quarter revenue guidance and expects it to exceed the previously announced guidance range of $75-76 million, a 125% increase over the comparable prior-year period.
The company also expects its initial net revenue outlook for the 2014 second quarter between $83-$84 million, compared to $41.4 million from the same period in 2013.
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The company said funds from the sale will be used to "expand and enhance" the FL Mobile business, brand, and content.
Separately, TheStreet Ratings team rates NQ MOBILE INC -ADR as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation: