uCloudlink Group Inc. (UCL) has experienced a decrease of 5.36% in aftermarket. However, the last trading session concluded at $2.8 with an incline of 16.67%.
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Third Quarter 2021 Financial results – What’s new?
On 30th November 2021, UCL announced third quarter 2021 financial results. The company reported net revenues of US$19.3 million, 7.4% more than in the third quarter of 2020. Moreover, the gross profit was US$5.5 million, 3.0% less than that of US$5.6 million in the third quarter of 2020. Furthermore, UCL reported a net loss of US$7.0 million and an adjusted net of US$6.0 million. Lastly, Adjusted EBITDA came out to be negative US$5.4 million in the third quarter of 2020, compared to negative US$5.0 million in the previous quarter.
What’s Next?
Despite the ongoing effect of COVID-19, UCL continued to show commercial resilience and company vitality in the third quarter of 2021, earning sales of US$19.3 million, an increase of 7.4% over the third quarter of 2020. In addition, the growth in overall revenues indicates that UCLOUDLINK seems to be well to grow both in the short term, as a result of our ongoing efforts to develop platform-centric business, and even in the long term.
About UCL
uCloudlink is the first and largest cellular internet traffic sharing market in the world, inventing the platform-based business model in the telecoms industry. Mobile data consumers, handset and smart-hardware firms, mobile virtual network operators (MVNOs), and telecommunications companies benefit from the Company’s products and services, which provide distinct value propositions (MNOs).
The Company has tried to redefine the mobile network connectivity experience that allows people to browse mobile data traffic allowance held in common by telecom companies on its global market, while also supplying reliable connectivity, high speeds, and competitive pricing, thanks to its innovative cloud SIM technology and architecture.
