Cheetah Mobile Inc. (CMCM), a Chinese mobile internet company, on Friday reported a wider net loss for the first quarter, amidst higher costs and expenses. However, the company posted a rise in revenue.
For the three-month period, the firm posted a net loss of RMB 80.035 million or RMB 0.0550 per share, compared with a loss of RMB 18.599 million or RMB 0.0129 per share, recorded for the same period of previous year.
Net loss per ADS moved up to RMB 2.7500 from last year's RMB0.6450 per ADS.
Excluding items, loss was at RMB 65.825 million or RMB 0.0455 per share, compared with a loss of RMB17.820 million or RMB 0.0123 per share a year ago. Adjusted loss per ADS was at RMB 0.3151, versus a loss of RMB 0.6150 per ADS in the prior year period.
Loss before taxes totaled RMB 76.128 million as against a loss of RMB 17.274 million a year ago.
Total operating expenses increased to RMB 193.9 million from last year's RMB 156.549 million, mainly due to the acquisition of a controlling stake in Beijing OrionStar.
Cost of revenues was RMB 77 million, higher than RMB 56.163 million in 2023. The increase was primarily attributable to the rise in the hardware-related costs for the company's service robots.
Operating loss was RMB 80.572 million, wider than RMB 42.278 million in 2023.
Revenues for the quarter were RMB 190.288 million, up from RMB 170.434 million a year ago.
Revenues from internet business slid 9.4 percent, while revenues from AI and others increased by 62.1 percent to RMB 81.3 million, primarily driven by an increase in the delivery of the company's service robots, following the acquisition of a controlling stake in Beijing OrionStar.
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