Cheetah Mobile Inc. American Depositary Shares, each representing fifty (50) - CMCM STOCK NEWS

Cheetah Mobile Inc. (CMCM) has filed its annual report on Form 20-F for the fiscal year ending December 31, 2022 with the Securities and Exchange Commission on April 18, 2023. The report is accessible via the company's investor relations website and the SEC's site. Cheetah Mobile, based in China, offers a range of internet products and services, including advertising services and value-added services such as premium memberships and virtual items. The company aims to leverage artificial intelligence to enhance its offerings and has been listed on the New York Stock Exchange since May 2014.

Cheetah Mobile (NYSE: CMCM) reported its financial results for 2022, showing a 12.7% revenue increase to RMB884.1 million (USD128.2 million). The second half of 2022 saw a notably strong performance, with revenues rising 40.7% year-over-year to RMB527.0 million (USD76.4 million). Key growth drivers included a 41.6% increase in internet business revenue and a 42.7% surge in AI-related revenues. The company's gross profit improved by 19.8% for the full year and 75.4% for the second half, boosting gross margins to 71.4% and 75.5%, respectively. Despite a net loss of RMB513.5 million (USD74.4 million) for the year, Cheetah Mobile maintains a strong cash position of RMB1,672.7 million (USD242.5 million). Looking ahead, the company expects revenues between RMB310 million (USD44.9 million) and RMB360 million (USD52.2 million) for the first half of 2023.

Cheetah Mobile (NYSE: CMCM) released its unaudited financial results for H1 2022, reporting a total revenue of RMB357.0 million (USD53.3 million), down 13.0% year-over-year. The decline was primarily driven by a 22.6% drop in internet business revenues, totaling RMB275.4 million (USD41.1 million). However, AI-related revenues surged 50.0% to RMB81.6 million (USD12.2 million). Gross profit decreased by 22.1% to RMB233.8 million (USD34.9 million), while operating loss widened to RMB126.1 million (USD18.8 million). Looking ahead, the company forecasts revenues of RMB480 million to RMB530 million (USD71.7 million to USD79.1 million) for H2 2022.

Cheetah Mobile Inc. (NYSE: CMCM) announced the appointment of Marcum Asia CPAs LLP as its new independent auditor, effective December 2, 2022, following the dismissal of Ernst & Young Hua Ming LLP. The board of directors and the audit committee approved this change after a thorough evaluation. Ernst & Young's audits for the years 2021 and 2020 showed no adverse opinions, though material weaknesses regarding financial control in tax management were reported. The company is working to ensure a seamless transition with Marcum Asia and EY.

Cheetah Mobile Inc. (NYSE: CMCM) announced a change in its American Depositary Share (ADS) ratio, effective September 2, 2022. The new ratio alters the previous one ADS representing ten shares to one ADS representing fifty shares, effectively functioning as a one-for-five reverse split. This adjustment will not affect the underlying ordinary shares. Current ADS holders will need to surrender their old ADS for the new ones on a mandatory basis, although those in the Direct Registration System will have the exchange processed automatically.

Cheetah Mobile Inc. (NYSE: CMCM) has filed its annual report on Form 20-F for the fiscal year ending December 31, 2021, with the SEC on July 26, 2022. The report details the company’s financial performance and operations, enhancing transparency for investors. Cheetah Mobile, known for its popular internet products like Clean Master and Security Master, engages millions of users monthly and offers advertising and value-added services. The report is accessible on the company's investor relations website and the SEC's website.

Cheetah Mobile (NYSE: CMCM) announced it received notice from NYSE Regulation for non-compliance due to the failure to timely file its Annual Report on Form 20-F for 2021. The deadline was May 17, 2022, and the delay is mainly attributed to COVID-19 restrictions in China. The NYSE will monitor the situation for up to six months; failure to file within this period may lead to suspension or delisting. Cheetah Mobile aims to complete the filing as soon as possible while continuing to provide its internet products and services.

Cheetah Mobile Inc. (NYSE: CMCM) received a notification from the NYSE on April 15, 2022, regarding non-compliance with listing standards due to its American depositary shares trading below $1.00 for 30 consecutive trading days, with an average price of $0.98 as of April 14, 2022. The company has six months to bring its stock price back above $1.00 to avoid delisting. Cheetah Mobile plans to monitor market conditions and consider options to address this issue.

Wireside Communications has appointed Sonja Thompson as an Account Director in its San Francisco office, enhancing its capabilities in the Silicon Valley region. This strategic move aims to expand Wireside's client roster, which already includes notable tech companies like Infineon and NTT Research. Thompson brings extensive experience from her previous roles at renowned brands, focusing on both existing accounts and new business development. The agency is committed to strengthening its West Coast presence.