• The company produced solid figures but was let down by low Q3 guidance and the shares tanked further.
• Management blames this on a one-off in Q3 with the world cup broadcast hours coinciding with peak-hours of live streaming, we’ll have to wait to see how that plays out.
• Even if growth is permanently lower, the share valuation still doesn’t make sense to us.

Source: YY’s Mystery Valuation – YY Inc. (NASDAQ:YY) | Seeking Alpha