Cheetah Mobile ADRs Drop After Google Disables Accounts
February 21 2020 - 12:33PM
Dow Jones News
By Robb M. Stewart
Cheetah Mobile Inc.'s American depositary receipts were down
sharply Friday after it said Google had pulled accounts with the
mobile Internet company.
Cheetah, which has been listed on the New York Stock Exchange
since May 2014, was down 15% to $3.06.
The company said it had been informed by Google that Google Play
Store, Google AdMob and Google AdManager accounts were disabled on
Thursday and associated contracts will be terminated. In the first
nine months of 2019, Cheetah Mobile generated about 23% of its
revenue from Google, including from the mobile advertising business
and the purchase and consumption of virtual items by users via
Google as a channel.
Cheetah said that according to Google the decision was made
because some of the company's apps hadn't been compliant with
Google policies, resulting in certain invalid traffic.
It added it was in continuous communication with Google to
appeal the decision, clarify any misunderstanding and adopt any
requisite remedial measures to restore the disabled accounts but an
appeals process could be time-consuming and there was no guarantee
it will be successful.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
February 21, 2020 12:18 ET (17:18 GMT)
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