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Scienjoy Holding Corporation Reports Fourth Quarter 2020 Unaudited Financial Results
BEIJING, March 24, 2021 /PRNewswire/ -- Scienjoy Holding Corporation ("Scienjoy", the "Company", or "We") (NASDAQ: SJ), a leading live entertainment mobile
About this update from Scienjoy Holding Corporation
[{"type":"text","content":"BEIJING, March 24, 2021 /PRNewswire/ -- Scienjoy Holding Corporation (\"Scienjoy\", the \"Company\", or \"We\") (NASDAQ: SJ), a leading live entertainment mobile streaming platform in China, today announced its unaudited financial results for the fourth quarter ended December 31, 2020.\nFourth Quarter 2020 Operating and Financial Highlights\nTotal net revenues increased by 71.4% to RMB454.4 million (US$69.6 million) from RMB265.1 million in the same period of 2019, exceeding the Company's guidance forecast of RMB389,0 million to RMB405.0 million provided in its third quarter 2020 earnings release.Gross profit increased by 24.7% to RMB79.8 million (US$12.2 million) from RMB64.0 million in the same period of 2019.Net loss was RMB48.3 million (US$7.4 million), as compared to a net income of RMB52.7 million in the same period of 2019, mainly due to RMB101.7 million (US$15.6 million) loss resulted from change in fair value of contingent consideration.Adjusted net income [1] increased by 1.4% to RMB53.4 million (US$8.2 million) from RMB52.7 million in the same period of 2019. Adjusted net income margin decreased to 11.8% from 19.9% in the same period of 2019.Earnout targets for both Scienjoy and Beelive in fiscal year 2020 were fulfilled.Total paying users increased by 7.2% to 332,410 from 310,036 in the same period of 2019.Total number of broadcasters increased by 892.3% to 118,411 from 11,933 in the same period of 2019.Mr. Victor He, Chairman and Chief Executive Officer of Scienjoy, commented, \"We once again delivered strong quarterly results as we continued to deliver convenient and engaging live show entertainment experiences to our global user base in the period. In addition, we also remained steadfast in our commitment to advancing our R&D capabilities, upgrading our platform operations, and exploring those technologies capable of providing our users with more engaging platform experiences, including AR, AI, big data, and more. Keeping with our growth mindset, we have recognized the potential for additional expansion into new mobile live streaming segments, including voice live streaming, e-commerce, and MCN. As such, we officially announced our goal to develop a fully integrated live streaming ecosystem covering these fields and more in December 2020. By expanding our businesses in both domestic and international markets, we w...