Feitian Cloud Motion (06610) once plunged 24%, hitting a new low of HKD 0.33 since its listing. As of the time of publication, it has dropped by 20.69%, at HKD 0.345, with a trading volume of HKD 1.4977 million.
According to the Zhitong Finance APP, Feitian Cloud Motion (06610) once plunged by 24%, hitting a new low of HKD 0.33 since its listing. As of the time of publication, it has dropped by 20.69%, at HKD 0.345, with a trading volume of HKD 1.4977 million.
On the news front, Feitian Cloud Motion expects its revenue to decrease by around 25% year-on-year, while its net income is expected to decrease by approximately 45% for the period ending June 30, 2024. This is mainly due to the decrease in revenue from augmented reality and virtual reality (AR/VR) marketing services business, as well as the increase in traffic costs leading to a decrease in gross margin for this business. Although the number of AR/VR content projects has increased, fierce market competition has caused a decrease in project prices and gross margin. In addition, the number of subscriptions and customized projects for AR/VR software-as-a-service (SaaS) business has also decreased.
