Business
Pop Culture Group Co., Ltd Reports First Six Months of Fiscal Year 2022 Unaudited Financial Results
XIAMEN, China, May 17, 2022 /PRNewswire/ -- Pop Culture Group Co., Ltd ("Pop Culture" or the "Company") (Nasdaq: CPOP), a hip-pop culture company in China,
About this update from Pop Culture Group Co., Ltd
[{"type":"text","content":"XIAMEN, China, May 17, 2022 /PRNewswire/ -- Pop Culture Group Co., Ltd (\"Pop Culture\" or the \"Company\") (Nasdaq: CPOP), a hip-pop culture company in China, today reported its unaudited financial results for the first six months of fiscal year 2022.\nFirst Six Months of Fiscal Year 2022 Financial Highlights\nTotal revenue was $20.15 million, an increase of 46% from $13.84 million in the first six months of fiscal year 2021. Revenue from event hosting was $11.97 million, an increase of 73% from $6.93 million in the first six months of fiscal year 2021. Revenue from event planning and execution was $6.72 million, an increase of 9% from $6.18 million in the first six months of fiscal year 2021. Revenue from brand promotion was $1.46 million, an increase of 169% from $0.54 million in the first six months of fiscal year 2021. Gross profit was $4.12 million, an increase of 6% from $3.88 million in the first six months of fiscal year 2021. Net profit was $0.45 million, compared with $2.37 million in the first six months of fiscal year 2021. Basic and diluted earnings per share were $0.02, compared with $0.13 in the first six months of fiscal year 2021.First Six Months of Fiscal Year 2022 Operational Highlights\nThe Company's concerts and hip-hop events generated an aggregate attendance of 203,233 during the six months ended December 31, 2021. The Company's online hip-hop programs generated over 156.86 million views during the six months ended December 31, 2021. The Company served 11 clients and 23 events with respect to event planning and execution during the six months ended December 31, 2021.Mr. Zhuoqin Huang, Chairman and Chief Executive Officer of Pop Culture, commented, \"The global COVID-19 pandemic has undeniably affected our offline events related to our intellectual property portfolio. Under the unfavorable circumstances, our revenue still increased by $6.31 million, or 46%, to $20.15 million in the first six months of fiscal year 2022. We continued to make progress in the street dance business by improving our existing events and expanding the scale of events, which is in line with the strong development of the street dance culture worldwide. As the result, we have achieved a 73% year-over-year growth in revenue from our event hosting business, indicating the popularity of street dance is rising among Chinese consumers and...