Business
ChinaNet Online Holdings Reports Second Quarter and First Half 2020 Unaudited Financial Results
BEIJING, Aug. 14, 2020 (GLOBE NEWSWIRE) -- ChinaNet Online Holdings, Inc. (Nasdaq: CNET) ("ChinaNet" or the "Company"), an integrated online advertising,
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[{"type":"text","content":"BEIJING, Aug. 14, 2020 (GLOBE NEWSWIRE) -- ChinaNet Online Holdings, Inc. (Nasdaq: CNET) (\"ChinaNet\" or the \"Company\"), an integrated online advertising, precision marketing, data analytics and other value-added services provider serving enterprise clients, today announced its unaudited financial results for the second quarter and six months ended June 30, 2020.\n Second Quarter of 2020 Financial Highlights For the Three Months Ended June 30,($ millions, except per share data)2020 2019 % ChangeRevenues$10.42 $15.45 -32.6%Gross profit$0.30 $0.37 -18.6%Gross margin2.9% 2.4% 0.5 pp*Loss from operations($1.02) ($1.22) 16.5%Operating loss margin-9.8% -7.9% -1.9 ppNet loss attributable to CNET($0.97) ($0.38) 155.4%Loss per share($0.04) ($0.02) 100.0%*pp: percent points Revenues decreased by 32.6% to $10.42 million for the second quarter of 2020, primarily due to a decrease in revenues from Internet advertising and distribution of the right to use search engine marketing service business categories, as a result of the COVID-19 outbreak during the first quarter of 2020 and slow recovery in the second quarter of 2020.Gross profit decreased by 18.6% to $0.30 million while gross margin improved by 0.5 percentage points to 2.9% for the second quarter of 2020.Loss from operations improved by 16.5% to $1.02 million for the second quarter of 2020, primarily attributable to a decrease in operating expenses, which was partially offset by the decrease in gross profit during the second quarter of 2020. Net loss attributable to CNET was $0.97 million, or $0.04 per share, for the second quarter of 2020, compared to net loss of $0.38 million, or $0.02 per share, for the same period of last year. Mr. Handong Cheng, Chairman and Chief Executive Officer of ChinaNet, commented, “Our second quarter results highlight continuing impact of the COVID-19 pandemic, despite significant sequential uptick from the first quarter. With growth and profitability remaining elusive, our second quarter results underscore the need for improvement in our existing business model and the need for new strategic initiatives going forward. While we remain fully committed to the blockchain technology initiative and view it as a potential game-changer for us, we are also actively exploring other strategic alternatives to turn around our business.” First Half of 2020 Financial...