Lizhi Inc. (LIZI) shares surged 6.71% in after-hours on Monday, August 30, 2021, and closed the daily trading at $5.09. In the regular trading session, LIZI’s stock gained 11.97% as well. LIZI shares have risen 14.94% over the last 12 months, and they have moved up 18.66% in the past week. Over the past three months, the stock has lost 36.74%, while over the past six months, it has declined 46.64%.
Let’s see what’s going on with Lizhi?
LIZI latest financial results announcement
On August 30, 2021, Linzi Inc (LIZI) announced its unaudited financial results for the second quarter ended June 30, 2021.
Q2 2021 financial highlights
- LIZI reported revenue of RMB559.3 million (US$86.6 million) in Q2 2021 compared to RMB350.9 million in the second quarter of 2020.
- In Q2 2021, the cost of revenue was 5 million (US$62.0 million) compared to RMB265.2 million in the second quarter of 2020.
- Gross profit was RMB158.8 million (US$24.6 million) in the second quarter of 2021, compared to RMB85.7 million in the second quarter of 2020.
- In Q2 2021, operating expenses were RMB190.3 million (US$29.5 million) compared to RMB110.8 million in the second quarter of 2020.
- It suffered a net loss of RMB29.0 million (US$4.5 million) in Q2 2021 compared to RMB22.0 million in Q2 2020.
- The Company had cash and cash equivalents, restricted cash, and short-term investments of RMB494.7 million (US$76.6 million) on June 30, 2021.
LIZI partnership with PATEO
On August 04, 2021, Lizhi Inc (LIZI) partnered with PATEO, a leading Internet of Vehicles (IoV) company in China, to boost the development of LIZHI’s audio products in PATEO’s loV system.
The partnership will bring sophisticated technologies together from their respective fields LIZHI will capitalize on PATEO’s expertise in IoV and smart cockpits to further optimize the application of in-car audio products in various usage scenarios and provide users with more diverse in-car audio entertainment options.
LIZI partnership with Xinghe Zhilian
On July 16, 2021, Lizhi Inc (LIZI) inked a partnership with Xinghe Zhilian Automotive Technology Co., Ltd. (Xinghe Zhilian) to integrate LIZHI’s audio products into Xinghe Zhilian’s in-car communications and entertainment network.
LIZI on Tencent WeScenario
On June 23, 2021, Lizhi Inc (LIZI) announced that its vertical podcast platform LIZHI Podcast has officially launched on the Tencent WeScenario in-car platform.
WeScenario is a light, app-based Internet of Vehicles (IoV) ecosystem built by Tencent. It provides a set of native application frameworks specially tailored for driving scenarios by leveraging the versatility of WeChat Mini Programs.
Conclusion
LIZI stock performed well on Monday due to the recent financial results announcement which fulfilled the analyst’s expectations. We can expect it to continue its rally on Tuesday as well.
