Cloopen Group Holding Limited (RAAS) has risen 3.71% to trade at $4.75 at last check in premarket trade, up on the charts today. RAAS stock fell -2.97% on Tuesday, closing at $4.58. On the day, 0.6 million shares of RAAS stock were traded, which is lower than the average of 862.62K over the last three months. The RAAS stock fluctuated between $4.52 and $4.87 during the trading session. Over the past five sessions, RAAS stock has lost -3.78% of its value, while moving -27.87% within the past month, but has declined -90.46% over the past year. The RAAS stock surged following the release of its unaudited financial results.
RAAS Stock released its results for which quarter?
Cloopen provides a range of cloud-based communications solutions based on multiple capabilities in China. Cloud-based communications platforms as a service (CPaaS), cloud-based call centers (cloud-based CC), and cloud-based unified communications and collaboration applications (cloud-based UC&C) are included in RAAS solutions. In order to improve enterprises’ operational productivity, RAAS stock enhances their daily communication experience. RAAS offers innovative marketing and operational tactics as well as SaaS-based tools to drive the transformation of enterprise communications.
Cloopen today announced its unaudited 2nd quarter financial results for the quarter ended June 30, 2021.
Highlights of Q2 2021:
- In terms of revenue, RAAS had 273.9 million RMB (US$42.4 million), an increase of 47.9% from last year.
- Cloud-based contact center (“CC”) solutions generated 105.1% more revenue than a year earlier.
- RAAS reported a gross margin of 43.1% in the second quarter of 2021.
- As of the second quarter of 2021, RAAS stock had a net loss of RMB105.6 million (US$16.4 million), compared to a loss of RMB62.2 million in the second quarter of 2020.
- Non-GAAP net loss for the quarter was RMB26.4 million (US$4.1 million), excluding share-based compensation, portfolio impairment losses, and warrant liability changes, which were removed from RMB37.0 million in the second quarter of 2020.
- RAAS had an adjusted EBITDA loss of RMB30.0 million (US$4.6 million), a decrease of 1.8% over last year.
- In the three months ended June 30, 2021, RAAS had 12,976 active customers and a dollar-based customer retention rate of 109.0%.
Outlook for the third quarter:
Cloopen (RAAS) stock currently expects revenue for the third quarter of 2021 to be between RMB275.0 million and RMB278.0 million, representing an increase of 43.8% to 45.3% year-over-year. Market conditions, operating conditions, and customer demand, which are all subjects to substantial changes and uncertainties, such as the impact of the COVID-19 outbreak and the new regulations on K-12 after-school tutoring in China, are all taken into account in the outlook.
