Business
VS MEDIA Announces Fiscal Year 2023 Financial Results
Full year revenue of $7.99 millionCampaign-based marketing services revenue grew 12.7% yoy to $4.40 millionRevenue of campaign-based marketing services in HK
About this update from Vs Media Holdings Limited
[{"type":"text","content":"Full year revenue of $7.99 millionCampaign-based marketing services revenue grew 12.7% yoy to $4.40 millionRevenue of campaign-based marketing services in HK SAR grew 105.7% to $2.16 millionExpects FY24 revenue to increase by 20% driven by growth in cross regional brand partnership, AI-enabled digital content and recovery in social commerceAnnounces share repurchase program with authorization to purchase up to 500,000 of the Company’s Class A Ordinary Shares HONG KONG, April 30, 2024 (GLOBE NEWSWIRE) -- VS Media Holdings Limited (NASDAQ:VSME) (\"VS Media\" or the \"Company\") today announced its financial results for the fiscal year ended December 31, 2023. “Fiscal 2023 was a challenging year as our business was negatively impacted by weakened market sentiment, decrease in client spending and the temporary suspension of our social commerce business,” said Ivy Wong, Founder and CEO of VS Media. “That said, we believe the worst is behind us. As 2024 continues to unfold, we expect strong growth in our top line and profit margin driven by cross-regional brand partnership, AI-enabled digital content, and recovery in social commerce. We are confident that some of the strategic partnerships and new market entry that we have announced recently will start to pay off commercially this year.” 2023 Financial Summary Revenue was $7.99 million, compared to $9.03 million in the prior year;Overall campaign-based marketing services revenue grew 12.7% yoy to $4.40 million;Revenue of campaign-based marketing services in Hong Kong grew by 105.7% to $2.16 million as compared to $1.05 million in the prior year;Gross profit was $1.64 million, compared to $2.28 million in the prior year;Net loss was $6.59 million, compared to $3.52 million in the prior year; andOperating cash flow was $7.24 million, compared to $2.05 million in the prior year. During fiscal year 2023, VS Media recorded revenue of $7.99 million compared to revenue of $9.03 million in the prior year. The decrease in revenue was mainly attributable to decreased revenue from the Company’s Optimization-Based Marketing Services and Social Commerce businesses. The decrease was a result of weakened market sentiment, change in service mix as the company recalibrated internal resource to focus on higher margined Campaign-based marketing services in Hong Kong and the Company’s strategy to tempora...