36Kr Holdings Inc. Announces First Half of 2024 Financial Results
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36Kr Holdings Inc. Reports Financial Performance for 2024
In a recent announcement, 36Kr Holdings Inc. (NASDAQ: KRKR), a leading platform dedicated to New Economy participants in China, shared its unaudited financial results for the first half of 2024. The company reported that the number of followers grew by 9.2% to 33.3 million compared to the same period last year, highlighting strong engagement in a challenging economic environment.
Financial Highlights
The total revenues for the first half of 2024 amounted to RMB102.4 million (approximately US$14.1 million), a decrease from RMB139.9 million recorded in the same period of 2023. The decline in revenue was primarily driven by a decrease in online advertising spending influenced by broader market conditions.
Breakdown of Revenue Sources
- Online Advertising Services: Generated RMB80.4 million (US$11.1 million), down from RMB98.9 million in the first half of 2023.
- Enterprise Value-Added Services: Revenue dropped to RMB13.4 million (US$1.8 million) from RMB26.8 million year-on-year.
- Subscription Services: Contributed RMB8.6 million (US$1.2 million), lower than RMB14.2 million in the previous year.
Operational Efficiency
36Kr’s leadership noted the importance of operational efficiency during this period. Mr. Dagang Feng, Co-chairman and CEO, emphasized the efforts made to optimize content offerings and the company’s adaptation strategies to maintain audience growth amidst varying economic conditions. The average revenue per user (ARPU) for online advertising services increased by 22% year-over-year, signaling improved client value extraction.
Cost Management and Financial Health
Costs of revenue were reported at RMB57 million (US$7.8 million), down from RMB70 million, resulting in a gross profit of RMB45.5 million (US$6.3 million) and a gross profit margin of 44.4%. The company managed to decrease operating expenses by 10% compared to the same period last year, which is commendable considering the revenue drop.
Outlook and Strategic Direction
As the company moves forward, Mr. Xiang Li, CFO, expressed confidence in leveraging AI and enhancing content creation capacities to drive sustainable growth. The focus on maintaining core competencies while exploring new revenue avenues remains a priority.
Balance Sheet Overview
As of June 30, 2024, 36Kr Holdings reported total assets of RMB458.97 million (US$63.1 million), with an equity balance reflecting robust shareholder support amid operational refinements.
Conclusion
Although 36Kr Holdings Inc. faced challenges throughout the first half of 2024, strategic adjustments and a focus on efficient operational frameworks position the company for eventual growth rebound. Investors and stakeholders can anticipate continued adaptations to meet the evolving demands of the New Economy landscape.
Frequently Asked Questions
What is the total net loss for 36Kr Holdings in the first half of 2024?
36Kr Holdings reported a net loss of RMB95.9 million (US$13.2 million) for the first half of 2024.
How has the number of followers changed for 36Kr Holdings?
The number of followers increased by 9.2% to a total of 33.3 million as of June 30, 2024.
What contributed to the decrease in revenue for 36Kr Holdings?
Decreased advertising spending from certain industries and strategic measures to control credit risk led to reduced revenues.
When will the next earnings conference call be hosted?
The earnings conference call is scheduled for 8:00 AM U.S. Eastern Time, the date will vary.
What are 36Kr Holdings’ plans for future growth?
The company plans to strengthen content creation capabilities and deepen AI applications to drive sustainable growth and shareholder value.
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