Summary by Futu AI
Shatte Technologies (Shacote) announced unaudited consolidated results for the three months ended March 31, 2024, showing that the company's revenue grew 16.6% year-on-year to RMB294 billion, and gross profit rose to 54.8%, and profit for the period reached RMB41 billion. Adjusted net profit and adjusted EBITDA grew significantly year-over-year to RMB4388 million and RMB5979 million, respectively. Domestic operating profit grew 314.4% year-on-year, while overseas business income increased 193.2% year-on-year, and overseas operating loss decreased by 67.4% year-on-year. Average daily active users and average monthly active users reached 3.94 billion and 6.97 billion respectively, showing solid growth in the user base. The company powered smart marketing solutions through AI and big language modeling capabilities and realized GMV growth in e-commerce business by 28.2% year-on-year to RMB2881 billion. In addition, the Company made a share repurchase and write-off in the first quarter of 2024 without any other material events affecting the Group.