Cheetah Mobile Inc. (NYSE:CMCM) backpedaled at Monday’s open, on announcing quarterly figures.
The Beijing-based mobile Internet company revealed total revenues increased by 1.8% year over year and 2.2% quarter over quarter to RMB1,381.2 million ($200.9 million U.S.).
Revenues from the mobile entertainment business increased by 39.4% year over year and 11.6% quarter over quarter to RMB555.6 million ($80.8 million U.S.), accounting for 40.2% of total revenues in the fourth quarter of 2018.
Gross profit was RMB964.8 million ($140.3 million U.S.). Gross margin was 69.9%. Non-GAAP gross profit was RMB964.9 million($140.3 million U.S.). Non-GAAP gross margin was 69.9%.
Net income attributable to Cheetah Mobile shareholders was RMB770.2 million ($112.0 million U.S.). Non-GAAP net income attributable to Cheetah Mobile shareholders was RMB805.5 million ($117.2 million U.S.).
According to CEO Sheng Fu, "We achieved full year 2018 financial results that were in line with our previous expectations, mostly driven by growths in our mobile games operation, mobile utility products business in the domestic market, and artificial intelligence powered business.
"In 2018, we further expanded our product offerings by launching many new games including Bricks n Balls, a popular casual elimination game, and introducing a number of new utility products focused on delivering personalized experiences."
Last September, the Company announced that its board of directors had approved a share repurchase program of up to $100 million U.S. of the Company's outstanding ADSs for a period not to exceed 12 months. Cheetah funded repurchases made under this program from its available cash balance. As of last week, the Company had repurchased approximately 4.5 million ADSs for approximately $32 million U.S. under this program.
Shares subtracted 32 cents, or 4.7%, to $6.46
