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Cheetah Mobile Inc (NYSE:CMCM) reported an H1 FY23 revenue decline of 5.5% Y/Y to RMB337.4 million ($46.5 million).
Revenues from the company's internet business fell by 14.5% Y/Y to RMB235.6 million ($32.5 million).
Revenues from the AI and others were RMB101.7 million ($14.0 million), up by 24.8% Y/Y.
Non-GAAP gross margin was 66.5%, up from 65.6% a year ago, as the gross profit declined by 4.2% Y/Y.
Non-GAAP operating loss was RMB(89.8) million ($(12.4) million in the H1 FY23, compared to RMB(122.2) million a year ago.
Non-GAAP EPADS loss per share was RMB(9.04) or $(1.25).
Cheetah Mobile held RMB2.07 billion ($285.6 million) in cash and equivalents.
"Despite operating challenges, we maintain strong confidence in the growth potential of our membership and subscription business. Throughout this period, we launched several innovative AI-powered products that have yielded favorable outcomes. Moving forward, we remain committed to optimizing our revenue structure by strategically streamlining unprofitable operations. At the same time, we anticipate ramping up investments in AI technology and products to empower our valued customers and enable them to thrive in the new era of AI. We are steadfastly dedicated to navigating the current challenging landscape while capitalizing on the opportunities that lie ahead," said Mr. Sheng Fu, Chairman and CEO.
Outlook: For the second half of 2023, Cheetah Mobile expects revenue of RMB310 million ($42.8 million) - RMB360 million ($49.6 million).
Price Action: CMCM shares closed lower by 0.47% at $2.11 on Thursday.
Posted In: CMCM
