Summary by Moomoo AI
FIH Group's mid-year report in 2024 shows that the company is facing challenges of declining revenue and changes in customer structure. During the reporting period, the group's revenue was $189.55 million, a decrease of 29.2% compared to the same period last year. The gross margin increased slightly to 1.51%, but the gross margin decreased to $29 million. Operating expenses decreased to $73.1 million, mainly due to layoffs and restructuring. Other income, gains, and losses amounted to $43.0 million, a decrease of $89.7 million compared to the same period last year. Loss for the period was $31.6 million, a decrease of $50.0 million compared to the same period last year. The group continues to promote the "2+2" strategy, expanding into areas such as automotive electronics, robotics, artificial intelligence, and next-generation communication technology, and actively developing new customers. The group also faces forex risk and hedges through forward contracts. Capital commitment is $31 million, and cash balance is $1.706 billion. The group's future outlook is still uncertain, but financial performance is expected to improve in the second half of the year.
