- Mobile internet company CooTek (Cayman) Inc (NYSE:CTK) reported a second-quarter FY21 revenue decline of 34% year-on-year to $83.2 million, missing the analyst estimate of $182.9 million. Continuous restructuring of portfolio products drove the decline.
- Mobile advertising revenues decreased 35% Y/Y to $82.1 million.
- Drivers: Monthly active users of the portfolio products declined 16% Y/Y to 70.0 million.
- MAUs of the online literature products dropped 36% Y/Y to 18.1 million.
- The revenues from the IP business of Fengdu Novel recorded 194% Q/Q growth. In addition, the mobile games portfolio has been further strengthened both in the domestic and overseas markets.
- The gross margin contracted 610 bps to 89.4% as costs jumped 55% Y/Y.
- Adjusted net income per ADS of $0.02 beat the estimate of $(0.02).
- CooTek held $39 million in cash and equivalents and used $17.5 million in operating cash flow.
- Price Action: CTK shares traded higher by 5.59% at $1.51 in premarket on the last check Wednesday.
CooTek Q2 Revenue Declines 34%, Margin Contracts
Mobile internet company CooTek (Cayman) Inc (NYSE:CTK) reported a second-quarter FY21 revenue decline of 34% year-on-year to $83.2 million, missing the analyst…
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