CMCM - Cheetah Mobile dips 5% amid halved revenues swing to loss

Cheetah Mobile (NYSE:CMCM) has slipped 5% after posting third-quarter results where it swung to a loss, on share volume running fairly close to average. Revenues tumbled 46% from the prior-year period to 196.1 million yuan (about $30.4 million); they were also down 7.4% from last quarter. That's a decline from a "sales boom" in Q2, CFO Thomas Ren says, though he points to the company holding operating losses flat along the way (at 58.5 million, or a loss of $9.1 million). Revenues from the core Internet business fell nearly 51% from last year, to 160.5 million yuan ($24.9 million), while AI and other revenue fell 8.8% to 35.6 million yuan. Gross profit fell by 51.6% on a non-GAAP basis to 121.9 million yuan ($18.9 million); that's down 24.5% quarter-over-quarter. The attributable net loss (non-GAAP) was 44.7 million yuan (about $6.9 million), vs. a year-ago gain of 266.3 million yuan. At

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Cheetah Mobile dips 5% amid halved revenues, swing to loss