{"id":17602,"date":"2023-04-11T08:07:00","date_gmt":"2023-04-11T08:07:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/4065558_CN65558_0"},"modified":"2023-04-11T08:07:00","modified_gmt":"2023-04-11T08:07:00","slug":"cheetah-mobile-announces-second-half-and-full-year-2022-unaudited-consolidated-financial-results","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=17602","title":{"rendered":"Cheetah Mobile Announces Second Half and Full Year 2022 Unaudited Consolidated Financial Results"},"content":{"rendered":"

BEIJING<\/span><\/span>, April 11, 2023<\/span><\/span> \/PRNewswire\/ — Cheetah Mobile Inc. (NYSE: CMCM) (“Cheetah Mobile” or the “Company”), a China<\/span>-based IT company, today announced its unaudited consolidated financial results for the second half and full year 2022 ended December 31<\/span>, 2022. <\/p>\n

Management Commentary<\/u><\/b><\/p>\n

Mr. Sheng Fu<\/span>, Cheetah Mobile’s Chairman and Chief Executive Officer, stated, ” While there are some challenges such as Covid-19 in 2022, we managed to increase our total revenue year over year by around 13% to RMB884.1 million<\/span> (USD128.2 million<\/span>) in 2022. Driven by elevated products, services and user experience, both the revenues from our membership business and number of subscribers have increased for more than ten quarters consecutively. Our global cloud service business and overseas advertising agency business also maintained good momentum and contributed to our revenue growth in 2022. Looking ahead, we remain confident in our long-term opportunities and growth. We will continue to pursue healthy and high-quality development in 2023. “<\/p>\n

Mr. Thomas Ren<\/span>, Cheetah Mobile’s Chief Financial Officer, commented, “In 2022, we continued to take measures to control our expenses and improve our organizational efficiency. Our gross margin increased year over year from 67.2% to 71.4% in this year. We maintained a strong cash position of RMB1,672.7 million<\/span> as of December 31, 2022<\/span>. This gives us financial flexibility to execute the key strategic objectives we have set out for long-term growth. “<\/p>\n

Second Half 2022 Consolidated Financial Results<\/u><\/b><\/p>\n

REVENUES <\/b><\/p>\n

Total revenues were RMB527.0 million<\/span> (US$76.4 million<\/span>) in the second half of 2022, representing an increase of 40.7% year over year.<\/p>\n

Revenues from the Company’s internet business<\/b> increased by 41.6% year over year to RMB421.9 million<\/span> (US$61.2 million<\/span>) in the second half of 2022. The year-over-year increase was mainly due to our endeavors to increase user acquisition through multiple channels. <\/p>\n

Revenues from the AI and others <\/b>were RMB105.1 million<\/span> (US$15.2 million<\/span>) in the second half of 2022, representing a 37.5% year-over-year increase. The year-over-year increase was primarily attributable to the growth of our global cloud service business, overseas advertising agency business as well as the development of our E-coupon vending robot business.<\/p>\n

COST OF REVENUES AND GROSS PROFIT <\/b><\/p>\n

Cost of revenues <\/b>decreased by 12.5% year over year to RMB129.3 million<\/span> (US$18.8 million<\/span>) in the second half of 2022. The year-over-year decrease was primarily attributable to decrease of advertising business related traffic acquisition costs and channel costs. Non-GAAP cost of revenues<\/b> decreased by 12.4% year over year to RMB129.1 million<\/span> (US$18.7 million<\/span>) in the second half of 2022.<\/p>\n

Gross profit <\/b>increased by 75.4% year over year to RMB397.7 million<\/span> (US$57.7 million<\/span>) in the second half of 2022. Non-GAAP gross profit<\/b> increased by 75.2% year over year to RMB398.0 million<\/span> (US$57.7 million<\/span>) in the second half of 2022.<\/p>\n

Gross margin <\/b>was 75.5% in the second half of 2022, compared to 60.5% in the second half of 2021. Non-GAAP gross margin <\/b>was 75.5% in the second half of 2022, compared to 60.7% in the second half of 2021.<\/p>\n

OPERATING INCOME\/LOSS AND EXPENSES <\/b><\/p>\n

Total operating expenses<\/b> increased by 45.8% year over year to RMB497.2 million<\/span> (US$72.1 million<\/span>) in the second half of 2022. Total non-GAAP operating expenses<\/b> increased by 47.3% year over year to RMB493.6 million<\/span> (US$71.6 million<\/span>) in the second half of 2022.<\/p>\n