Seven Stars Cloud Group, Inc. (NASDAQ: SSC) rose sharply early Monday, on posting a Q2 loss of $0.12 per share.
The New York-based company reported revenue for Q2 was $133 million as compared to $43.3 million for the same period in 2017, an increase of approximately $89.7 million, or 207% over the same period last year.
The increase compared to the same period in 2017 was primarily due to its expanding supply chain management business initiated in November 2017. The Company expects to transition this supply chain business onto its blockchain ecosystem through our 4+2+1 Strategy.
Loss per share for Q2 was $0.12 as compared to loss per share of $0.06 for the same period in 2017. Net loss for Q2 2018 was $8.3 million compared to a net loss of $3.8 million in the same period in 2017.
As of June 30, 2018 the company had cash of $1.8 million, total assets of $153.6 million, and total equity of $34.8 million.
A news release out Monday quoted CEO Bruno Wu thus, "We are performing at a high-level across the organization and, as a result, we are on a path to execute on our strategy in the second half of 2018. We are positioning the Company to be a leading global fintech and asset digitization service provider, and we are setting the Company on a track for high-growth and profitability."
Shares fell 36 cents, or 14.5%, to $2.12
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