Summary by Moomoo AI
Feitian Cloud Technology Co., Ltd. ("Feitian Cloud") announced its unaudited interim results for the six months ended June 30, 2024. The report shows that the company's revenue decreased by 25.2% to RMB 448,013 thousand yuan, from RMB 598,956 thousand yuan in the same period last year. Gross profit decreased by 36.1% to RMB 125,239 thousand yuan, from RMB 196,059 thousand yuan. Profit before tax decreased by 39.3% to RMB 74,435 thousand yuan, from RMB 122,577 thousand yuan. Net profit for the period decreased by 45.4% to RMB 63,473 thousand yuan, from RMB 116,316 thousand yuan. Basic earnings per share decreased from 6.4 RMB cents to 3.5 RMB cents. The company is facing declining domestic market demand and economic challenges, actively expanding overseas markets and investing in metaverse and AI, while strengthening organizational development and talent cultivation. During the reporting period, the company made progress in AR/VR marketing services and content services, and launched the virtual human live streaming platform "FT Live", providing new power for the virtual human live streaming market.