NEW YORK (TheStreet) -- Shares of NQ Mobile (NQ) are plummeting, sharply down 13.52% to $4.35 on heavy volume in mid-morning trading Friday, after the global provider of mobile Internet services reported third quarter earnings of fiscal year 2014.
For its most recent third quarter, NQ Mobile reported a net loss of $17 million, or 4 cents per share, worse than the loss of $2.4 million, or a penny per share from a year ago, and lower than the 36 cents analysts expected.
Revenue for the third quarter was higher than a year ago to $81.2 million from $54.2 million, but missed analysts' estimates of $90 million in sales.
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NQ Mobile forecast full year 2014 revenue of between $325 million to $326 million, up from the previously issued range of $320 million to $325 million, and higher than 2013 revenue of $196.7 million.
Additionally, the company also cut its board to nine directors from 10.
NQ Mobile also said it agreed to sell its FL Mobile unit in an all-stock deal worth between $570 million and $630 million to Tack Fiori International Group Ltd.
About 3.11 million shares of NQ Mobile traded hands as of 10:40 a.m. Friday, compared to its average volume of about 2.29 million shares a day.