CLPS Incorporation - CLPS STOCK NEWS

CLPS Incorporation (Nasdaq: CLPS) announced a Master Services Agreement with a large U.S. e-commerce platform through its subsidiary, CLPS Technology Inc. The contract, which includes IT services and big data management, reinforces CLPS's long-standing relationship with the Client and marks a significant achievement in its global expansion strategy. The agreement is expected to enhance CLPS's presence in the U.S. market and enable participation in the Client's global R&D centers, demonstrating the Company's commitment as a reliable IT service provider.

CLPS Incorporation (Nasdaq: CLPS) has announced a strategic investment in Shanghai Shier Information Technology Co., Ltd. (SSIT), acquiring a 35% stake through its subsidiary. This investment aims to diversify CLPS's business model by entering the business-to-consumer (B2C) market. SSIT's e-commerce offerings include the 'Group Store' for enterprises and a mobile app, 'Duoshouji.' The partnership is expected to integrate financial products, enhancing user engagement among over 100,000 registered users. CLPS's COO expressed optimism about the potential for improved financials and competitive advantage.

CLPS Incorporation (Nasdaq: CLPS) released a letter to shareholders celebrating its 15th anniversary and reflecting on a challenging yet successful 2020. The company achieved a 37.7% revenue increase to $89.4 million and reported a net income of $2.9 million, a turnaround from the previous year's loss. Strong client base growth in financial services and IT, alongside strategic mergers, positioned CLPS for continued expansion. The company plans to invest in technology to meet rising demand for IT services in 2021.

CLPS Incorporation (Nasdaq: CLPS) has acquired the remaining 20% stake in Ridik Pte. Ltd., making it a wholly owned subsidiary. This follows a previous 80% acquisition in September 2019. The acquisition aims to enhance CLPS's growth in the Southeast Asian market, which reported a 191.8% revenue increase to $7.37 million for the year ending June 30, 2020. CLPS plans to establish Singapore as its Southeast Asia headquarters to facilitate market expansion and leverage Ridik's capabilities for better overseas financial performance.

CLPS Incorporation (Nasdaq: CLPS) announced a partnership with a leading Chinese state-owned automotive company to execute a big data project aimed at enhancing vehicle intelligent manufacturing and R&D systems. The project involves sharing competitive advantages and leveraging CLPS's expertise in big data technology, including IoT data collection and analytics. CLPS will implement a big data architecture to achieve the project’s goals. This collaboration underscores CLPS's commitment to innovation in sectors like new energy and intelligent vehicles.

CLPS Incorporation (Nasdaq: CLPS) has launched the Cooperative Education on Information Technology Program in collaboration with Hong Kong Multimedia Design Association. This initiative aims to cultivate future talent in the financial technology sector. Over 20% of the initial trainees have secured positions in local banks. The program aligns with CLPS's Talent Creation Program and addresses the IT talent shortage in Hong Kong's financial industry, reinforcing CLPS's competitive advantage and global expansion strategy.

CLPS Incorporation (Nasdaq: CLPS) announced its selection as the IT services provider for a prominent bank card processing company in China. The agreement, facilitated through its Shanghai subsidiary, involves collaboration in developing, maintaining, and testing the bank card issuance core system and related services. This milestone marks a significant advancement in CLPS's credit card services sector. With over ten years of experience providing comprehensive services to major financial institutions, CLPS’s expertise positions it favorably in this competitive landscape.

CLPS Incorporation (Nasdaq: CLPS) reported strong financial results for the six months and the full year ending June 30, 2020. Revenues increased by 37.2% to $46.8 million in the second half, and by 37.7% to $89.4 million for the full year. Gross profit rose 25.1% to $15.7 million in the second half and 31.0% to $31.1 million for the year. Net income for the second half was $0.6 million, reversing a loss of $1.8 million last year. Non-GAAP net income grew 200.9% to $3.5 million in the second half. The company expects a sales growth of 30% to 35% for fiscal 2021.

CLPS Incorporation (Nasdaq: CLPS) announced it will release its fiscal 2020 financial results on October 22, 2020. A conference call is scheduled for October 23, 2020, at 8:30 am ET to discuss the results. Investors can access the call via provided toll-free numbers, including +1-888-394-8218 for U.S. calls. The press release also highlights CLPS as a leading IT consulting provider for the banking and financial services sectors, operating several global delivery centers.