iDreamSky Technology Limited (DSKY) saw a big move last session, as the company’s shares fell by over 33% on the day. The move came on pretty good volume too with far more shares changing hands than in a normal session. This continues the recent downtrend for DSKY, as the stock is now down 38.9% since Mar 4.
On Mar 13, iDreamSky Technology announced revised guidance for the fourth quarter revenues. The company slashed the revenue projection to a range of $52.7–$53.0 million from an earlier projection of $62.9–$66.1 million.
This internet software company has seen a flat track record when it comes to current year estimate revisions, as there has been no revision on either side over the past few weeks. The consensus for earnings estimate hasn’t been in a trend either. This recent price action is discouraging, so make sure to keep a close watch on this firm in the near future, and especially on earnings estimates following the recent slump.
DSKY currently has a Zacks Rank #3 (Hold).
A better-ranked stock in the same sector is j2 Global, Inc. (JCOM), sporting a Zacks Rank #1 (Strong Buy).
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IDREAMSKY ADR (DSKY): Free Stock Analysis Report
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