Business
Baosheng Media Group Holdings Limited Reports Financial Results for the First Half of 2021
Beijing, China, Sept. 30, 2021 (GLOBE NEWSWIRE) -- Baosheng Media Group Holdings Limited (NASDAQ: BAOS) (“Baosheng” or the “Company”), a China-based online
About this update from Baosheng Media Group Holdings Limited
[{"type":"text","content":"Beijing, China, Sept. 30, 2021 (GLOBE NEWSWIRE) -- Baosheng Media Group Holdings Limited (NASDAQ: BAOS) (“Baosheng” or the “Company”), a China-based online marketing solution provider, today announced its financial results for the first half of 2021. Ms. Wenxiu Zhong, Chairwoman and CEO of the Company, commented, “In the first half of 2021, with the sporadic occurrences of COVID-19 cases and the implementation of stricter prevention controls to prevent further spread of COVID-19, the Company’s business was under significant pressure and the operating results declined, as the domestic travel market and consumer market both experienced reductions. Furthermore, many of our customers operating in Fintech, gaming, education, and real estate industries have experienced consumption declines, amid policy adjustment by the Chinese government to enhance regulation and supervision of these industries, which resulted in lower advertisement expenditures. Under the current circumstance, we have actively optimized our business plans and strategies and made progress in our Ocean Engine business, including establishing partnerships with well-known customers, such as Alibaba and Bytedance, in order to counter the adverse effects of COVID-19 and the governmental policy developments on the Company’s operations and financial results.” Ms. Zhong continued, “Looking forward, we will continue to conduct in-depth research on the current market environment and take appropriate measures to respond accordingly. We plan to initiate a series of business innovations in the Ocean Engine mobile marketing platform in the consumer staples field. At the same time, we will continue to focus on a content innovation strategy to optimize products and services, enhance market models, expand in-depth cooperation, and help customers make substantial progress toward achieving their business goals. We are very optimistic about the future development of the Company.” Financial Highlights for the First Half of 2021 For the Six Months EndedJune 30, 2021 2020 % Change Revenues $2,415,352 $9,801,216 -75.4%Gross profit $1,444,334 $9,172,553 -84.3%Gross margin 59.8% 93.6% -33.8%Income (Loss) from Operations $(2,242,820) $5,795,583 -138.7%Net Income (Loss) $(271,671) $6,172,112 -104.4%Earnings (Loss) per share $(0.01) $0.30 -103.3% ●Revenue decreased by 75.4% to $2.4 million in th...