NEW YORK (TheStreet) -- Shares of Sungy Mobile Ltd. (GOMO) are falling -20.29% to $8.29 after the company reported earnings of 9 cents per share for the second quarter, missing analysts' estimates of 14 cents per share.
Revenue of $16.1 million fell below the consensus estimate of $16.7 million for the quarter.
This morning, the provider of mobile Internet products and services was downgraded to "hold" from "buy" at Oppenheimer & Co. (OPY) , citing the decline in active users indicate growth concerns.
The company also announced the resignation of CFO Winston Li.
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