Business
Datasea Announces First Quarter Fiscal Year 2023 Financial Results with Current Operational and Financial Highlights
BEIJING, Nov. 14, 2022 (GLOBE NEWSWIRE) -- Datasea Inc. (NASDAQ: DTSS) (“Datasea” or the “Company”), incorporated in Nevada in September 2014, is a digital
About this update from Datasea Intelligent Technology Ltd.
[{"type":"text","content":"BEIJING, Nov. 14, 2022 (GLOBE NEWSWIRE) -- Datasea Inc. (NASDAQ: DTSS) (“Datasea” or the “Company”), incorporated in Nevada in September 2014, is a digital technology corporation engaged in three converging and innovative business segments: 5G messaging, acoustic intelligence, and smart city in China, today announced financial results for the first quarter ended September 30, 2022, and provided an update on its key strategic and operational initiatives. “Our first quarter results delivered performance with sequential improvements in gross profit and revenue versus the same period of 2021, with an increase of 136% in gross profit and an increase of 73% in revenue. Behind the continued strength of our growth, we benefitted from the diversified portfolio and the expanded addressable market, continued productivity efforts and strong contributions from our 5G messaging business. We’re focused on making ongoing efforts to optimize and strengthen products to help customers do more with less, as we believe a steady stream of improvements, diligently executed, will have a positive impact in both segment and total company margin,” said Zhixin Liu, CEO of Datasea. Mrs. Liu continued, “to date as a company we have been focused primarily on cementing our first mover advantage in 5G messaging business and establishing ourselves as one of the market leaders by helping set the industry standards. Looking ahead, our product rollouts in acoustic intelligence, such as the ultrasonic sound air disinfection equipment against Covid-19, will be new revenue resources. We expedite the commercialization of our acoustic intelligence powered air purifiers, which have gained greater urgency because of the global coronavirus pandemic and the need for sterilization has likely become a permanent way of life for. We’ll focus on building margin, investing in innovation and fortifying our position in the market.” First Quarter Fiscal Year 2023 Financial Highlights Revenue was $1,164,305 for the three months ended September 30, 2022, compared to $671,130 for the three months ended September 30, 2021, representing an increase of $493,175, or 73%.Gross profit was $150,197 for the three months ended September 30, 2022, compared to $63,595 for the three months ended September 30, 2021, representing an increase of $86,602 or 136%. The increase in gross profit was mainl...