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Cheetah Mobile Announces Third Quarter 2024 Unaudited Consolidated Financial Results
CMCMCheetah Mobile(CMCM) Prnewswire·2024-12-17 08:30

Core Viewpoint - Cheetah Mobile Inc. reported strong revenue growth in Q3 2024, driven by its service robotics and internet businesses, with a focus on innovation and operational efficiency to capitalize on the growing robotics market [2][3]. Financial Performance - Total revenues increased by 16.6% year-over-year to RMB192.1 million (US27.4million)inQ32024[3].−Grossprofitroseby13.927.4 million) in Q3 2024 [3]. - Gross profit rose by 13.9% year-over-year to RMB130.4 million (US18.6 million) [3]. - Operating loss narrowed to RMB72.0 million (US10.3million),animprovementfromRMB77.5millioninthepreviousquarter[3].−NetlossattributabletoshareholderswasRMB46.9million(US10.3 million), an improvement from RMB77.5 million in the previous quarter [3]. - Net loss attributable to shareholders was RMB46.9 million (US6.7 million), significantly improved from RMB123.8 million in the previous quarter [3]. Business Segments - Revenues from the internet business grew by 25.8% year-over-year to RMB134.3 million (US19.1million)[3].−RevenuefromAIandothersremainedstableatRMB57.8million(US19.1 million) [3]. - Revenue from AI and others remained stable at RMB57.8 million (US8.2 million), despite a 68% decline in overseas advertising revenue [3]. - The operating margin for the internet business improved to 10.3%, up from 6.2% in the same period last year [3]. Cost Structure - Cost of revenues increased by 22.6% year-over-year to RMB61.7 million (US8.8million),primarilyduetohigherhardware−relatedcostsforservicerobots[3].−Totaloperatingexpensesroseby30.28.8 million), primarily due to higher hardware-related costs for service robots [3]. - Total operating expenses rose by 30.2% year-over-year to RMB202.4 million (US28.8 million) [3]. - Research and development expenses surged by 44.8% year-over-year to RMB66.3 million (US9.4million)duetoincreasedamortizationandpersonnelcostsfollowingtheacquisitionofBeijingOrionStar[3].LiquidityandInvestments−AsofSeptember30,2024,thecompanyhadcashandcashequivalentsofRMB1,530.5million(US9.4 million) due to increased amortization and personnel costs following the acquisition of Beijing OrionStar [3]. Liquidity and Investments - As of September 30, 2024, the company had cash and cash equivalents of RMB1,530.5 million (US218.1 million), indicating strong liquidity [3]. - Long-term investments amounted to RMB885.9 million (US$126.2 million) [3].