MicroAlgo Inc., a company specializing in the development and application of central processing algorithms, has filed its unaudited interim financial report for the first half of 2024 with the U.S. Securities and Exchange Commission. The report, which covers the period ending June 30, 2024, shows that MicroAlgo's total revenues increased to RMB 290.4 million (USD 40.8 million) from RMB 263.6 million in the same period of the previous year. The company also turned around its financial performance, recording a net income of RMB 22.2 million (USD 3.1 million) compared to a net loss of RMB 42.0 million in the first half of 2023. This improvement is primarily attributed to a rise in demand for internet advertising, which led to a 14.5% increase in revenue from central processing algorithm services...Show More

MicroAlgo Inc., a company specializing in the development and application of central processing algorithms, has filed its unaudited interim financial report for the first half of 2024 with the U.S. Securities and Exchange Commission. The report, which covers the period ending June 30, 2024, shows that MicroAlgo's total revenues increased to RMB 290.4 million (USD 40.8 million) from RMB 263.6 million in the same period of the previous year. The company also turned around its financial performance, recording a net income of RMB 22.2 million (USD 3.1 million) compared to a net loss of RMB 42.0 million in the first half of 2023. This improvement is primarily attributed to a rise in demand for internet advertising, which led to a 14.5% increase in revenue from central processing algorithm services. Research and development expenses decreased to RMB 75.8 million (USD 10.6 million), down from RMB 92.2 million, reflecting more efficient operations. As of June 30, 2024, MicroAlgo reported cash and cash equivalents of RMB 433.4 million (USD 60.8 million) and believes its current working capital is sufficient to support operations for the next twelve months. The company continues to focus on expanding its customer base and diversifying its revenue streams, particularly in the internet multimedia video advertising and internet gaming entertainment sectors.