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Longtop soars following 2010 Q1

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advance7 May 24, 2010 (Chinavestor) Shares of Chinese financial software provider, Longtop Financial (NYSE:LFT), soared 11.3% by 1:00 P.M. on Monday following a better-than-expected 2010 fourth quarter financial report. Xiamen based Longtop reported revenues for the first three months of 2010 to reach  $43.1 million, representing an increase of 66.4% YoY. Net income rose 48.2% to $16.3 million.

 

LFT_2010Q1_revearnings

Besides an impressive YoY growth the company issued a bullish outlook for the upcoming quarter. Total revenues are expected to reach $44.5 million with a similar increase in earnings per ADRs.

The significant jump in the share price today is more than justified given the sluggish share price in the past 52 weeks vs. strong profit growth at the same time. Expect the good times rolling for LFT...

Yingli Green Energy (NYSE:YGE) reported before the open today and is trading 4.6% higher at 1:00 P.M. Trina Solar (NYSE:TSL) will report tomorrow. More about earnings: China stock earnings calendar, May 24-28.



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