NEW YORK (TheStreet) -- Cheetah Mobile (CMCM) shares are up 6.06% to $31.86 in early market trading on Tuesday following the release of the Chinese mobile Internet company's first quarter earnings results before the opening bell today.
The company reported first quarter earnings of RMB 0.54 per share, or 9 cents per share, which topped analysts' consensus forecast of earnings of RMB 0.28, or 5 cents per share. Revenue for the period increased 113% to RMB 672.5 million, or $108.3 million, topping analysts' RMB 654 million, or $105.3 million expectations.
The company issued revenue guidance for the year between RMB 785 million and RMB 795 million versus analysts' RMB 788.02 consensus estimates.
"Our total revenues this quarter increased 113% year over year, which well exceeded our prior guidance and was driven mainly by the continued ramp-up of our mobile advertising business, especially in overseas markets. Mobile revenues increased 584.1% year over year and now accounts for 55% of total revenues, with overseas revenues contributing 38% of total revenues and 70% of mobile revenues in the quarter," said Cheetah Mobile CEO Sheng Fu.