Business
ZW Data Action Technologies Reports Third Quarter and First Nine Months 2021 Unaudited Financial Results
BEIJING, Nov. 16, 2021 (GLOBE NEWSWIRE) -- ZW Data Action Technologies Inc. (Nasdaq: CNET) (the "Company" or “CNET”), an integrated online advertising,
About this update from Zw Data Action Technologies Inc.
[{"type":"text","content":"BEIJING, Nov. 16, 2021 (GLOBE NEWSWIRE) -- ZW Data Action Technologies Inc. (Nasdaq: CNET) (the \"Company\" or “CNET”), 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, 2021. Financial Highlights Third quarter 2021 gross profit of $0.04 million, compared to a gross loss of $0.64 million for the third quarter 2020;Third quarter 2021 net income of $1.37 million, compared to a net loss of $1.33 million for the third quarter 2020;First nine months 2021 revenue of $34.85 million, representing a +28.6% YOY;Working capital of $11.84 million as of September 30, 2021, compared to $4.86 million as of December 31, 2020;Cash and cash equivalents of $8,73 million as of September 30, 2021, compared to $4.30 million as of December 31, 2020. Third Quarter 2021 Financial Results Revenues For the third quarter of 2021, revenues decreased by $0.40 million, or 3.3%, to $11.90 million from $12.30 million for the same period of last year. The decrease in revenues was primarily attributable to the decrease in revenues from our Ecommerce O2O advertising and marketing services and technical solutions services business segments, which was partially offset by the increase in revenues from our internet advertising and related services business segment. Cost of revenues Total cost of revenues decreased by $1.09 million, or 8.4%, to $11.86 million for the third quarter of 2021 from $12.95 million for the same period of last year. The decrease in cost of revenues was primary attributable to the decrease in costs and the improvement of gross margin rate of our internet advertising and related services, and the decrease in cost associated with technical solutions services, which was in line with the decrease in the related revenues. Gross profit (loss) and gross profit (loss) margin Gross profit was $0.04 million for the third quarter of 2021, compared to gross loss of $0.64 million for the same period of last year, which was primarily attributable to the improvement of gross margin rate of our main stream of service revenues generating from the distribution of the right to use search engine marketing services. Gross profit margin was 0.4% for the third quarter of 2021, compare...