Summary by Futu AI
Beep Mile Corporation (“Beep Mile”) announced unaudited financial results for the fourth quarter and fiscal year ended December 31, 2023. Net sales in the fourth quarter reached RMB63 billion and RMB225 billion for the year, an increase of 3% from the same period last year. Both advertising and value-added services revenue showed strong growth, up 28% and 22% year-over-year, respectively. The gross profit margin also increased, reaching 26.1% in the fourth quarter and 24.2% for the full year, demonstrating the company's results in improving the efficiency of transformation. However, the company still recorded a net loss, with a net loss of $13 billion and $48 billion for the fourth quarter and full year, respectively, narrowing by 13% and 36% year-on-year. The management of the company is optimistic about the advancement of the community growth and commercialization strategy and expects to further improve financial performance in 2024. BEEP EXPECTS TO RELEASE AUDITED ANNUAL RESULTS REPORT ON OR BEFORE MARCH 31, 2024.