Shares of SORL Auto Parts Inc. (SORL, Financial) fell almost 14% after the company posted third-quarter earnings of 28 cents per share, on revenue of $108.58 million, reflecting 7.2% year-over-year growth.
The company fell 1 cent short of earnings estimates and $400,000 of short revenue expectations.
In the third quarter, the gross profit was $26.3 million compared with $27.3 million for the third quarter of 2017. Gross margin was 24.3%, lower than the 26.9% registered in the same trimester of 2017, the decline of 260 basis points was principally explained by higher raw material costs and marketing promotions.
Looking ahead at fiscal year 2018, the company maintains the projections. It expects net sales around $450 million, and it has revised net income to approximately $16 million.
Shares of Cisco Systems Inc. (CSCO, Financial) jumped more than 4% on Thursday after announcing first-quarter results. The company posted earnings per share of 75 cents and revenues of $13.1 billion, reflecting 7.9% year-over-year growth. The company beat earnings estimates by 3 cents and revenue expectations by $240 million.
By geographic segment, revenue rose 5% in the Americas; 11% in Europe, the Middle East and Africa; and 12% in Asia Pacific, Japan and Greater China.
Shares of NetEase Inc. (NTES, Financial) gained almost 7% after reporting third-quarter results. The company registered earnings per share of $2.55 and revenue of $2.45 billion, a 35.4% year-over-year growth. The company beat earnings estimates by 13 cents but came short of revenue expectations by $30 million.
Net revenues from online games were $1.5 billion, in which mobile games explained about 68.0% of net revenues. Net revenues from e-commerce were $649.2 million and from advertising services were $93.8 million. Net revenues from e-mail and others were $204.4 million.
Disclosure:The author holds no position in any stocks mentioned.
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