Summary by Futu AI
FIH Mobile Limited announced its unaudited interim results for the six months ended June 30, 2024. During this period, revenue decreased by 29.2% YoY to USD 189.55 million, while gross margin slightly increased to 1.51%. The net loss during the period narrowed to USD 3.16 million, with a loss of 0.4 cents per share. The company maintains a stable capital structure, with a debt-to-capital ratio of 18.5% and a cash balance of USD 170.6 million. FIH Mobile faces challenges such as increased competition in the smartphone market and changes in customer outsourcing strategies while actively expanding into new business areas such as automobile electronics, robots, and Artificial Intelligence. Additionally, it has expanded overseas production capacity to meet customer demand. During the reporting period, the company repurchased 10,700,000 shares and canceled a portion of the shares. The Board of Directors has reviewed the interim report and recommended approving the financial statements.