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  "docSlug": "69cc18cfe079",
  "documentTitle": "NQ Mobile (NQ)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2013-10-24 00:00:00",
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  "notes": "This is a classic short-seller research note (Muddy Waters style) exposing corporate malfeasance.",
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      "text": "At least 72% of NQ's purported China security revenue is fictitious.",
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      "kind": "metric",
      "text": "market share: 1.5%",
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      "text": "NQ is a massive fraud. We believe it is a “Zero”. At least 72% of NQ’s purported China security revenue is fictitious. NQ’s largest customer by far is really NQ. Its real business with carriers and SPs is a fraction of what NQ purports.",
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      "text": "NQ’s Antivirus 7.0 is unsafe for sale to consumers, and we consider it to be spyware. We engaged a group of top-tier specialized software engineers to dive deeply into the application’s code.",
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      "text": "NQ’s purported international revenue is even more questionable than its PRC revenue. A leading Android analytics provider estimates that NQ’s global annual app revenue is well under $1.0 million.",
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      "text": "NQ’s future is as bleak as its past. Its expansion into gaming and advertising is merely an attempt to prolong the fraud. NQ’s lies about its security app market share have worn very thin.",
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      "text": "NQ Mobile: China Fraud 2.0",
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