CooTek (Cayman) Inc. (CTK) is a leader in mobile internet business engaged in mobile gaming, virtual literature and novels, and scenario-based content apps. The company offers client-focused features, to make striking apps for the targeted clientele. One of the main and important products of the company to support 110 languages at a time is TouchPal smart input method.
The price of CTK stock during regular trading on March 4, 2022, was $0.21 with a loss of 12.3%. At last check in the premarket on March 7, 2022, the stock plunged further by 9.3%.
CTK: Events and Happenings
On March 7, 2022, CTK reported that it will release its fourth-quarter 2021 financial statement ended December 31, 2021, on March 15, 2022. On January 28, 2022, CTK announced that it outdid in the list of December 2021 Most Downloaded iOS Chinese Overseas Games, with a total of up to 2.5 million downloads and a 216.5% monthly increase. On Google Play, it was positioned the second place on the list. On January 14, 2022, CTK updated on the receipt of the notification by NYSE regarding
- Non-compliance with the NYSE’s standards due to its shareholders’ equity and total market capitalization.
- Its due date for the submission of a business plan that demonstrated compliance is April 5, 2022,and
- Its applicable cure period to reclaim compliance expires on July 5, 2023.
CTK: Key Financials
On December 8, 2021, CTK announced its unaudited financial statement for Q3 2021 ended September 30, 2021. Some of the important features are as follows
Revenue
Net revenue in the third quarter of 2021 was $51.1 million corresponding to $105.7 million in the same quarter of 2020. The company recorded a decrease of 52% in its net revenue over the year. Also, it missed the revenue estimates by $31.3 million.
EPS
Net loss basic and diluted in Q3 2021 was $0.4 million or $0.0001 per share versus $22.0 million or $0.007 per share in the same quarter of 2020. The company observed a considerable decline in its net loss over the year and also EPS estimates remained in line with the estimations.
Conclusion
CTK stock downplayed 62% year-to-date as the company is still facing pandemic challenges. Its stock plummeted in the current premarket session as the company reported its financial statement release date. Also, the company is gearing for the release of the financial results and estimates revenue of about $49.6 million.
