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Taoping Reports 28.4% Increase in Revenue for the First Six Months of 2024, with EPS of $0.13 Per Diluted Share Compared to a Loss of $1.10 in the Corresponding Period of 2023
TAOPTaoping(TAOP) Prnewswire·2024-09-05 12:00

Core Insights - Taoping Inc. reported a 28.4% year-over-year revenue growth, reaching 18.1millionforthefirsthalfof2024,withanotableimprovementinprofitability,achievinganetincomeof18.1 million for the first half of 2024, with a notable improvement in profitability, achieving a net income of 0.13 per diluted share compared to a net loss of 1.10perdilutedshareinthesameperiodlastyear[1][4].FinancialPerformance−Revenueforthefirstsixmonthsof2024was1.10 per diluted share in the same period last year [1][4]. Financial Performance - Revenue for the first six months of 2024 was 18.1 million, up from 14.1millioninthesameperiodof2023,anincreaseof14.1 million in the same period of 2023, an increase of 4.0 million [3]. - The revenue increase was driven by a 3.2millionriseinproductsales,a3.2 million rise in product sales, a 1.3 million increase in advertising revenue, and a 0.2millionriseinsoftwarerevenue,partiallyoffsetbya0.2 million rise in software revenue, partially offset by a 0.7 million decrease in other revenue [3]. - Cost of revenue was 13.9millionforthefirsthalfof2024,comparedto13.9 million for the first half of 2024, compared to 10.2 million in the same period of 2023, leading to a gross profit margin of 22.9%, down from 27.5% year-over-year [4][12]. - Net profit attributable to the Company was 0.6millionforthefirsthalfof2024,asignificantturnaroundfromanetlossof0.6 million for the first half of 2024, a significant turnaround from a net loss of 1.8 million in the same period of 2023 [4][13]. Business Strategy and Market Position - The Company is focusing on driving revenue growth and improving profitability through expanded product lines and diversified applications, particularly in Smart City products and AI solutions [2]. - Taoping's competitive advantage lies in its scalable and compatible cloud platform, which supports the growing demand for its innovative products [2]. - The Company anticipates slight revenue growth in the second half of 2024, driven by the advertising business and product sales of cloud-based solutions [3].