Business
Taoping Reports 28.4% Increase in Revenue for the First Six Months of 2024, with EPS of $0.13 Per Diluted Share Compared to a Loss of $1.10 in the Corresponding Period of 2023
SHENZHEN, China, Sept. 5, 2024 /PRNewswire/ -- Taoping Inc. (Nasdaq: TAOP, the "Company"), a provider of innovative smart cloud platform services and
About this update from Taoping Inc.
[{"type":"text","content":"SHENZHEN, China, Sept. 5, 2024 /PRNewswire/ -- Taoping Inc. (Nasdaq: TAOP, the \"Company\"), a provider of innovative smart cloud platform services and solutions, new media and artificial intelligence (AI) solutions, today reported a 28.4% year over year revenue growth to $18.1 million for the six months ended June 30, 2024, with a significant improvement in profitability as the Company delivered net income of $0.13 per diluted share, compared to a net loss of $1.10 per diluted share in the same period of last year.\n\n \n \n \n \n \n \n\n \nTaoping's strong first half 2024 results were driven by increased demand for its cutting-edge Smart City products and solutions enabled by Taoping's national sales network and scalable, compatible cloud platform. The Company's integrated ecosystem solutions seamlessly combine its robust technology platform, resource exchange mechanisms, and big data services.\nMr. Jianghuai Lin, Chairman and CEO of Taoping, commented, \"We continue to execute on our business strategy, with a focus on driving revenue growth and improving profitability. Our expanded product lines and diversified applications, combined with the rebounding broader market customer demand, helped us deliver a 28.4% year over year revenue growth for the first six months of 2024. We are particularly pleased with the improvement in our net income per diluted share, which jumped to $0.13 from a net loss per diluted share of $1.10 in the first half of 2023, as we benefit from an accelerating growth in our higher margin products and software solutions.\"\n\"While we are devoting additional resources to support higher demand for our cutting-edge Smart City products and solutions, our digital advertising, other cloud-based and core AI-related products and applications have all been positive drivers, led by Taoping's extensive sales network throughout China and our highly scalable and compatible cloud platform. Our Smart City products and solutions were specifically designed to remove technical challenges and resource constraints to help customers operate in this new AI-dependent world. This approach gives us a meaningful competitive advantage and confidence as we focus on our continued growth and innovation to generate higher value for shareholders that aligns with our business fundamentals and catalysts.\"\nSelect Financial Results for t...