Phoenix New Media closes 14% in Friday

View the latest quotes

Beijing time November 16 morning news, reported good results, Phoenix New Media (Nyse:feng) Friday before the plate rose 8.36%, opened after the price of the concussion rose, close Phoenix New media rose 1.27 U.S. dollars to 10.36 U.S. dollars, up to 13.97%.

In the Thursday Phoenix New media released third-quarter earnings, net profit exceeded Wall Street expectations, a number of investment banks raised target share prices. Yesterday, however, the Phoenix new media share price plunged nearly 11%.

In Friday, Phoenix officials explained that the stock price crash was due to the company data errors in the Bloomberg database. "The Bloomberg Database error calculation of the number of Phoenix shares, resulting in the data platform Phoenix New media earnings per share (EPS) year-on-year growth rate Data error (U.S. General accounting standards under the average earnings per share:-83.66%)." Phoenix official said that the correct company per share earnings (EPS) year-on-year growth rate should be 624.4%, this error is likely to affect the stock market sentiment and quantitative transactions, misleading stock trading.