Cheetah Mobile (NYSE:CMCM) earnings for the Chinese wireless company’s first quarter of 2020 have CMCM stock dipping lower on Wednesday. That comes after reporting adjusted losses per share of 10 cents on revenue of $74.6 million.
Here are some additional highlights from the most recent Cheetah Mobile earnings report.
- Adjusted per-share losses are a negative change from the company’s adjusted EPS of 0.17 yuan in the first quarter of 2019.
- Revenue for the quarter comes in 51.4% lower than the 1.09 billion yuan reported during the same time last year.
- Operating loss of 148.01 million yuan is 736.2% wider year-over-year than 17.7 million yuan.
- The Cheetah Mobile earnings report also has it bringing in a net loss of 108.39 million yuan.
- That’s a major decline next to the company’s net income of 2.69 million yuan from the same period of the year prior.
Sheng Fu, chairman and CEO of Cheetah Mobile, said this during the Q1 earnings report.
“In the first quarter of 2020, we continued to streamline our operations in the mobile Internet business and implement strict cost and expense controls to reduce our losses from the previous quarter. Total cost and expenses decreased by 38.4% year over year and 20.2% sequentially in the quarter. Gross margin grew to 72.0% in the quarter from 66.2% in the same period last year and from 70.2% in the previous quarter.”
Cheetah Mobile also provides an outlook for the second quarter of 2020 in its current earnings report. The company is expecting revenue to range from 340 million yuan to 390 million yuan.
CMC stock was down 4.8% as of Wednesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.