Summary by Futu AI
BEEP ANNOUNCED ON MAY 23, 2024 UNAUDITED FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2024. Net sales for the quarter reached RMB56.65 billion, up 12% year-on-year. Advertising revenue grew by 31% year-on-year to RMB16.69 billion, and value-added services revenue increased by 17% year-on-year to RMB25.29 billion. Gross profit increased by 45% year-on-year to RMB16.05 billion, and the gross margin increased from 21.8% to 28.3% in the same period last year. However, the company's net loss was RMB7.65 million, an increase from RMB6.30 billion in the same period last year. Adjusted net loss narrowed 56% to RMB4.56 billion. Daily active users reached 1.024 billion, an increase of 9% year-on-year. CHAN RUI, THE COMPANY'S CHAIRMAN, SAID THAT COMMUNITY HEALTH GREW IN THE FIRST QUARTER, IMPROVED FINANCIAL PERFORMANCE AND WILL CONTINUE TO PURSUE COMMERCIALIZATION STRATEGIES TO ACHIEVE PROFIT GOALS. BEEP WILL HOLD A RESULTS CONFERENCE CALL ON MAY 23, 2024 TO DISCUSS FIRST QUARTER RESULTS.