Summary by Moomoo AI
Micromobility.com, Inc. reported its financial results for the quarter ended June 30, 2024. The company experienced a significant decrease in total net revenue, which dropped by 77% year-over-year to $787 thousand. This decline was attributed to a reduction in Media revenues due to the early termination of LNPB agreements and a strategic decision to exit non-profitable markets, which led to a decrease in Mobility revenues. Cost of revenue also saw a substantial decrease of 92% compared to the same period in the previous year, primarily due to the reduced Media and Mobility activities. General and administrative expenses decreased by 77%, while sales and marketing expenses saw a 66% reduction, both reflecting the company's efforts to reduce operating cash burn. Research and development...Show More