CLPS Inc. (NASDAQ:CLPS) is in the news Friday following the release of results for the second half of its fiscal 2020 year.
Here’s what CLPS stock investors need to know about CLPS Inc. news.
- Revenue reported during the period came in at $46.8 million.
- That’s a 37.2% increase over its revenue of $34.1 million from the same time last year.
- CLPS Inc. also reported a net income of $800,000, which is an increase year-over-year from its net loss of $1.7 million.
- The earnings results also have adjusted earnings per share coming in at 23 cents.
- For comparison, the Hong Kong IT company reported an adjusted EPS of 8 cents in the second half of 2019.
- Operating income of $40,000 is much better than the operating loss of $1.78 million from the same period of the year prior.
- Gross profit of $15.7 million is a 25.1% increase compared to $12.6 million in the second half of the prior year.
- The gross margin for the period dropped to 33.6% from 36.9% during the same time in 2019.
- CLPS Inc. includes sales growth guidance of 30% to 35% for 2021 in the results.
- Its outlook for the upcoming year also has it expecting non-GAAP net income growth to range from 32% to 37%.
Raymond Lin, co-founder and CEO of CLPS Inc., said the following about the news.
“As the disruption from the COVID-19 pandemic persists, the health and safety of our employees and their families, as well as our customers and business partners, have been and will continue to be our top priority. Despite the current circumstances, we are pleased to see stable growth in the second half and full year of fiscal 2020 in both our international and local markets.”
CLPS stock was up 24.5% as of Friday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.