Summary by Moomoo AI
FIH Mobile Group announced its unaudited interim results for the six months ended June 30, 2024. Revenue decreased by 29.2% year-on-year to US$189.55 million, and gross margin slightly increased to 1.51%. The net loss for the period narrowed to US$3.16 million, or 0.4 US cents per share. The company maintains a sound capital structure, with a capital-to-debt ratio of 18.5% and a cash balance of US$170.6 million. FIH Mobile Group faces challenges such as intensified competition in the smartphone market and changes in customer outsourcing strategies, and actively expands new business areas such as automotive electronics, robots, and artificial intelligence, while expanding overseas production capacity to meet customer demand. The company repurchased 10.7 million shares during the reporting period and has cancelled some shares. The board of directors has reviewed the interim report and recommends approving the financial statements.