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ZW Data Action Technologies Reports Second Quarter and First Half 2021 Unaudited Financial Results
BEIJING, Aug. 17, 2021 (GLOBE NEWSWIRE) -- ZW Data Action Technologies Inc. (Nasdaq: CNET) (the "Company"), an integrated online advertising, precision
About this update from Zw Data Action Technologies Inc.
[{"type":"text","content":"BEIJING, Aug. 17, 2021 (GLOBE NEWSWIRE) -- ZW Data Action Technologies Inc. (Nasdaq: CNET) (the \"Company\"), an integrated online advertising, precision marketing, data analytics and other value-added blockchain services provider serving enterprise clients, today announced its unaudited financial results for the three months and six months ended June 30, 2021. Financial Highlights Second Quarter 2021 Revenue of $14.55 million, +39.7% YOY, First Half 2021 Revenue of $22.95 million, +55% YOY;Working capital of $10.62 million as of June 30, 2021, compared to $4.86 million as of December 31, 2020;Cash and cash equivalents of $11.75 million as of June 30, 2021, compared to $4.30 million as of December 31, 2020. Second Quarter of 2021 Financial Results Revenues For the three months ended June 30, 2021, revenues increased by $4.14 million, or 39.7%, to $14.55 million from $10.42 million for the same period last year. The increase in revenues was primarily attributable to the increase in revenues from our Internet advertising and related services business segment, as a result of economic recovery from the COVID-19 outbreak since the second half of fiscal 2020. Cost of revenues Total cost of revenues increased by $4.65 million, or 46.0%, to $14.77 million for the three months ended June 30, 2021 from $10.12 million for the same period last year. The increase in cost of revenues was primary attributable to the increase in costs associated with distribution of the right to use search engine marketing service we purchased from key search engines during the periods, which were in line with the increase in the related revenues. Gross profit (loss) and gross profit (loss) margin Gross loss was $0.22 million for the three months ended June 30, 2021, compared to a gross profit of $0.30 million for the same period last year, which was primarily due to the negative gross margin rate incurred by our main stream of service revenues. Gross loss margin was 1.5% for the three months ended June 30, 2021, compared to a gross profit margin of 2.9% for the same period last year. Operating expenses Sales and marketing expenses was $0.07 million for the three months ended June 30, 2021, compared to $0.07 million for the same period last year. General and administrative expenses increased by $6.77 million, or 597.8%, to $7.90 million for the three months end...