Business
Datasea Reports Third Quarter Fiscal Year 2022 Earnings and Provides Business Updates
BEIJING, May 16, 2022 (GLOBE NEWSWIRE) -- Datasea Inc. (NASDAQ: DTSS) (“Datasea” or the “Company”), incorporated in Nevada in September 2014, and a digital
About this update from Datasea Intelligent Technology Ltd.
[{"type":"text","content":"BEIJING, May 16, 2022 (GLOBE NEWSWIRE) -- Datasea Inc. (NASDAQ: DTSS) (“Datasea” or the “Company”), incorporated in Nevada in September 2014, and 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 quarter ended March 31, 2022 and provided an update on its key strategic and operational initiatives. “Datasea delivered record third quarter results with year-over-year growth, mainly driven by accelerating demand for our 5G messaging solutions. This quarter marked a significant inflection point to scale and transform Datasea, underscoring our continued diversification and competitiveness building across 5G messaging, acoustic intelligence, and smart city businesses,” said Zhixin Liu, CEO of Datasea. “Moving forward, underpinned by momentum from increased customer wins, leadership expansion, great synergy effects among the business lines, and strong business resilience, Datasea is well-positioned for future growth.” Third Quarter 2022 Financial Highlights Revenue was $6,643,538 for the three months ended March 31, 2022 compared to 17,686 for the quarter ended March 31, 2021 representing an increase of $6,625,852, or 37463%.Gross profit was $588,404 for the three months ended March 31, 2022 compared to $7,774 for the three months ended March 31, 2021, representing an increase of $580,630 or 7469%. The increase in gross profit was mainly due to the delivery of services related to the 5G SMS service platform in 2022.R&D expenses were $248,832 for the three months ended March 31, 2022 compared to $207,774 for the three months ended March 31, 2021, representing an increase of $41,058, or 19.76%.More than $17.05 million worth of 5G messaging business contracts have been signed. Third Quarter 2022 Business Highlights 5G Messaging Client expansion. The number of enterprises that engaged with Datasea’s 5G message authorization development increased from about 100 to nearly 200 which directly resulted in the Company becoming a leading service provider in China.Marketing and sales expansion. The Company adopted an integrated sales strategy to boost sales to better promote business development and meet with the demand of customers, which includes 1) an expansion of the sales team for direct sales; 2) p...