CMCM - Cheetah Mobile -11% despite improved operational efficiency and narrowed losses

Cheetah Mobile ([[CMCM]] -10.5%) reports Q1 revenues of RMB198.4M ($30.3M), down 62.4% Y/Y and decreased of 25.2% Q/Q.Revenue breakout: Internet business, RMB187.6M (-62.2% Y/Y); AI/others, RMB10.8M (-65.9% Y/Y).Gross profit decreased by 63.4% Y/Y to RMB139.1M ; Non-GAAP gross profit decreased by 63.4% Y/Y to RMB139.4M.Gross margin was 70.1%, compared to 72.0% in the first quarter of 2020 and 62.1% in the fourth quarter of 2020; Non-GAAP gross margin was 70.2%, compared to 72.0% in the first quarter of 2020 and 62.3% in the fourth quarter of 2020.Operating loss narrowed to RMB57M, from RMB148M in the same period last year and RMB74M in the fourth quarter of 2020.Net income of RMB76.4M vs. a net loss of RMB104.6M; Non-GAAP net income of RMB74.8M vs. Non-GAAP loss of RMB97.7M year ago.The Company had cash and cash equivalents, restricted cash, and short-term investments of ~RMB1.81B (~$275.7M).For Q2, it's guiding to revenues of RMB175M to RMB225M (about $26.7M-$34.3M).Previously (Jun.11), Cheetah Mobile reports Q1 results

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Cheetah Mobile -11% despite improved operational efficiency and narrowed losses