Cheetah Mobile Clocks 46% Revenue Decline In Q3, Issues Cautious Outlook

Cheetah Mobile Inc CMCM reported a third-quarter FY21 revenue decline of 46.3% year-on-year to $30.4 million.

  • Revenues from internet business decreased by 50.8% Y/Y to $24.9 million.
  • Revenues from the AI and others were $5.5 million, representing an 8.8% Y/Y decline.
  • Margin: The non-GAAP gross margin contracted 680 bps to 62.2%.
  • Non-GAAP loss per ADS was $(0.05).
  • Cheetah held $287.6 million in cash and equivalents.
  • "In this quarter, we successfully consolidated the gains of transforming our internet business from a single advertising model to a diversified model of advertising plus subscription. The numbers of our membership kept a double-digit growth," said Sheng Fu, Cheetah Mobile's Chairman, and CEO.
  • Outlook: Cheetah sees Q4 revenue of $20.2 million - $27.9 million.
  • Price Action: CMCM shares traded higher by 1.26% at $1.59 in the premarket session on the last check Wednesday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsPenny StocksGuidanceTechBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!