CooTek Inc. (NASDAQ: CTK) stock declined by 9.44% at the last close whereas the CTK stock price gained by 38.35% in the pre-market trading session. CooTek is an international mobile internet start-up that focuses on three areas of content-rich mobile applications: online literature, scenario-based content apps, and mobile gaming. The objective of CooTek is to enable everyone to experience relevant material in a seamless manner.
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CTK stock’ Financial Update
CooTek announced unaudited financial outcomes for the third quarter of 2021. Here’s the update:
- For the third quarter of 2021, net revenues were $51.1 million, down 52% from US$105.7 million in the third quarter of 2020.
- The gross profit for Q3 2021 was $42.0 million, down 58 percent from the previous year’s figure of US$98.9 million.
- The gross profit margin generated for the third quarter of 2021 was 82.2 percent, down from 93.6 percent in the third quarter of 2020.
- The net loss was US$0.4 million, compared to US$0.3 million in the previous quarter and US$22.0 million in the same time last year.
- Adjusted net income (Non-GAAP) was US$0.4 million, relative to US$1.1 million adjusted net income (Non-GAAP) last quarter and US$20.5 million adjusted net loss (Non-GAAP) during the same period last year.
- With a concentration on three key categories: online literature, mobile games, and scenario-based content apps, the Company’s portfolio products produced about 99 percent of total revenues.
Mr. Karl Zhang, CooTek’s Chairman commented that,
Despite the uncertainty in the Chinese mobile advertising industry, they have remained committed to achieving group-level profitability. The excellent business fundamentals of Fengdu Novel, which remained to contribute effectively to the group’s overall gross margin, give them hope. Simultaneously, using their recently released Metaverse and NFT plans, they’ve been increasing their visibility in the international mobile gaming and online literary markets. In the third quarter of 2021, they developed and released 14 new mobile games, and they now have a pipeline of 15-20 games in the fourth quarter of 2021, including two significant mobile casual games.
