SkyMobi looks to the future with $20 million stock buyback

Also reseting financial calendar

SkyMobi looks to the future with $20 million stock buyback

Following a good set of Q4 2014 financials, Chinese mobile app store SkyMobi (NASDAQ:MOBI) is in confident mood for the future.

It's just announced a $20 million share repurchase scheme.

"Given our strong balance sheet, long-term growth prospects, and successful turnaround story, we believe that now is the right time to enhance shareholder value through share repurchases and continued investment in growth initiatives," commented CFO John Bi.

Quarter reset

The company is also resetting its fiscal year.

This will see 2014 run as a three quarter period, ending 31 December 2014.

Previously, Sky-mobi's financial year ended 31 March.

"By redefining our revenue breakdown, starting in the second quarter of 2014, and aligning our reporting periods with our peers, we believe investors will be able to better understand our business and develop growing confidence of our tremendous potential as a leading distribution platform in China's mobile application market," said CEO Michael Tao Song.

Contributing Editor

A Pocket Gamer co-founder, Jon is Contributing Editor at which means he acts like a slightly confused uncle who's forgotten where he's left his glasses. As well as letters and cameras, he likes imaginary numbers and legumes.