Chinese app developer Cheetah Mobile's revenues race ahead

Chinese app developer Cheetah Mobile's revenues race ahead

Summary: The company behind popular junk-cleaning app, Clean Master, expands operation but profit is down.

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Cheetah Mobile Inc, an internet company that develops mobile apps such as Clean Master and CM Browser, saw its total revenue increase by 131.6 percent year-on-year to 50.8 million USD for the first quarter of 2014, according to the company's unaudited financial report released on June 2.

Online marketing services were up 97.2 percent, and internet value-added services, raced ahead by 1533.9 percent. These two revenue sources together account for over 96 percent of total revenue.

The number of mobile monthly active users shot to 222.5 million as of March 2014, a 385.6 percent increase compared with the same period last year.

However, as revenue and user base expand, the company’s operating profit dropped from 3.6 million USD to 3.1 million USD, a 13.9 percent drop year-on-year. Net income fell almost 36 percent, from 4.7 million USD in 2013 to 3.0 million USD in 2014.

Cheetah Mobile's share price at the Initial Public Offering (IPO) on the New York Stock Exchange on 8 May 2014 was 14 USD per share, it was 15.50 USD on June 4. Other significant shareholders include Kingsoft Corporation, a Beijing-based internet company, Xiaomi Ventures, and Baidu Holdings.

Topics: Mobility, Apps, China, Google Apps

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