Business
ZW Data Action Technologies Reports Third Quarter and First Nine Months 2020 Unaudited Financial Results
BEIJING, Nov. 13, 2020 (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, Nov. 13, 2020 (GLOBE NEWSWIRE) -- ZW Data Action Technologies Inc. (Nasdaq: CNET) (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 three and nine months ended September 30, 2020.\n Third Quarter of 2020 Financial Highlights For the Three Months Ended September 30,($ millions, except per share data) 2020 2019 % ChangeRevenues $12.30 $15.51 -20.7%Gross profit (loss) ($0.64) $0.89 -171.9%Gross margin -5.2% 5.8% -11pp*Loss from operations ($1.40) ($0.28) -410.5%Operating loss margin -11.4% -1.8% -9.6ppNet loss attributable to CNET ($1.33) ($0.39) -243.6%Loss per share ($0.06) ($0.02) -200.0%*pp: percent points Revenues decreased by 20.7% to $12.30 million for the third quarter of 2020, primarily due to the decrease in revenues from our Internet advertising and distribution of the right to use search engine marketing service business categories, as a result of the slow recovery after the COVID-19 outbreak.Gross loss was $0.64 million with a gross loss margin of 5.2% for the third quarter of 2020.Loss from operations was $1.40 million for the third quarter of 2020, compared to $0.28 million for the same period of last year, primarily attributable to the decrease in gross profit, which was partially offset by the decrease in operating expenses.Net loss attributable to CNET was $1.33 million, or loss per share of $0.06, for the third quarter of 2020, compared to net loss of $0.39 million, or loss per share of $0.02, for the same period of last year. “Despite continued decrease on a year-over-year basis, our third quarter revenues increased 18% sequentially and almost tripled from the trough level in the first quarter, highlighting the continuing post-pandemic recovery trend. Looking ahead, with restoring growth and profitability remaining a challenge for us in the near-term, we are actively pursuing new initiatives, opportunities, and strategic alternatives to right the ship,” said Mr. Handong Cheng, Chairman and Chief Executive Officer of ZW Data Action Technologies. Third Quarter 2020 Financial Results Revenues For the Three Months Ended September 30, 2020 2019 % Change- Internet advertising and related data service 2,429 3,949 -38.5%- Distribution of the right to ...