Business
WiMi Hologram Cloud Inc. reports H1 2024 revenue and profit growth, significant cash reserve improvement
BEIJING, Oct. 15, 2024 /PRNewswire/ -- WiMi Hologram Cloud Inc. (NASDAQ: WIMI) ("WiMi" or the "Company"), a leading global Hologram Augmented Reality ("AR")
About this update from Wimi Hologram Cloud Inc.
[{"type":"text","content":"BEIJING, Oct. 15, 2024 /PRNewswire/ -- WiMi Hologram Cloud Inc. (NASDAQ: WIMI) (\"WiMi\" or the \"Company\"), a leading global Hologram Augmented Reality (\"AR\") Technology provider, today announced its unaudited financial results for the six months ended June 30, 2024.\n\nFinancial Highlights for the Six Months Ended June 30, 2024\nOur total revenues increased by approximately RMB 26.1 million, or 10%, from approximately RMB 264.8 million for the six months ended June 30, 2023 to approximately RMB 290.8 million (USD 40.8 million) for the six months ended June 30, 2024.Our AR service revenue increased by approximately RMB 36.0 million, or 14%, from approximately RMB 254.8 million for the six months ended June 30, 2023 to approximately RMB 290.8 million (USD 40.8 million) for six months ended June 30, 2024.Our net income/loss increased from approximately RMB 18.4 million of net loss for the six months ended June 30, 2023 to approximately RMB 12.3 million (USD1.7 million) of net income for the six months ended June 30, 2024.As of June 30, 2024, we had cash, cash equivalents and short-term investment of approximately RMB 1,162.0 million (USD 163.0 million), relative to approximately RMB 773.8 million(USD 108.7 million) December 31, 2023.Shuo Shi, the Founder and Chief Executive Officer of the Company said, \"The holographic AR application field is experiencing a rapid growth in demand for 3D vision, which undoubtedly reveals the huge market opportunity behind the holographic AR business. Looking back at the first half of the year, the significant change in the company's performance was mainly due to the climbing demand for holographic solutions from our customers, as well as the company's remarkable achievement in business development in 2024. WiMi has always been committed to the research, development and application of holographic technology, and is striving to bring excellent holographic technology services to our customers around the world. In the future, we will fully utilize the resources of the public capital markets to further strengthen our holographic technology research and development and drive business growth. We firmly believe that this will help us launch and expand new services, designs and products to our global customers more rapidly and efficiently\".\nAbout WIMI Hologram Cloud\nWIMI Hologram Cloud, Inc. (NASDAQ...