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  "docSlug": "69cc18cfe079",
  "documentTitle": "NQ Mobile (NQ)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
  "documentKindSlug": "research-note",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2013-10-24 00:00:00",
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  "notes": "Includes a satirical illustration of a clown carrying a 'USER DATA' briefcase, mocking the company's security claims.",
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      "text": "NQ's purported $36.5 million on 2012 international revenue is absurd, and to be almost entirely fabricated.",
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      "text": "Clown carrying a briefcase labeled 'USER DATA' with a lock icon.",
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      "text": "international revenue: $36.5 million",
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      "text": "NQ claims that its ex-China revenue in 2012 was $36.5 million. However, Distimo analytics estimates NQ's year-to-day worldwide revenue at less than $800,000. Distimo is a web analytics company that tracks over 3.2 billion downloads per quarter, and is widely used by web and mobile companies. Distimo tracks downloads from Google Play, the world's largest Android app store; and, Distimo develops estimates for app and developer revenue. The year-to-date chart below shows daily revenue on Google Play for 35 countries. Distimo tracks the following NQ products: Android Booster, Easy Battery Saver, Family Guardian, Easy Finder, Mobile Security, Mobile Security for Retail, Mobile Security 6.0 and Antivirus 7.0, Security Multi-Language, Vulnerability Killer, Super Task Killer and Vault (the Dataset):",
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      "text": "NQ's purported $36.5 million on 2012 international revenue is absurd, and to be almost entirely fabricated. Our conclusion is based on analyses of app downloads, retail site visits, calls with an international carrier, discussions with NQ management, and discussions with industry consultants and NQ competitors.",
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      "text": "NQ's International Revenue – Highly Likely to be Massively Overstated",
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