ChinaNet Online Holdings Reports Third Quarter Unaudited Financial Results

ChinaNet-Online Holdings (NASDAQ:CNET) has announced its unaudited financial results for Q3 and the first nine months of 2018.

As quoted in the press release:

Third Quarter 2018 Highlights

• Total revenues increased by 26.2% to $17.0 million from $13.5 million in the corresponding period of 2017.
• Revenues from search engine marketing and data service increased by 29.0% to $14.5 million from $11.3 million in the corresponding period of 2017.

First Nine Months 2018 Highlights

• Total revenues increased by 52.8% to $47.8 million from $31.3 million in the same period of 2017.
• Revenues from search engine marketing and data service increased by 66.5% to $40.4 from $24.3 million in the same period of 2017.

Mr. Handong Cheng, Chairman, President and Chief Executive Officer of CNET, stated, “During the third quarter of 2018, we continued to grow our revenue in our core online marketing business, optimize our cost structure, and develop our blockchain-powered ecosystem. In August 2018, we officially launched our blockchain-powered mobile application, BO!News. Since then, its registered user count has reached over 200,000, while its user participation rate continues to improve as we integrate more functionalities into the application.  BO!News serves as a cornerstone of our user acquisition strategy as we build out our Business Opportunity Social Ecosystem (BOSE). We aim to create a trustworthy and transparent transaction environment for our users through BOSE. We also seek to help our business customers improve their operational efficiency by providing them with traceable and verifiable sales leads. Through our relentless innovation in AI and blockchain applications and the steady development of our new business initiatives, we should be able to generate continuous shareholder value.”

Mr. George Chu, Chief Operating Officer of CNET stated, “During the third quarter we maintained our growth momentum as our total revenues increased by 26.2% year-over-year, mainly due to a 29.0% increase in revenue from our search engine marketing and data service. At the same time, we continue to improve our operating efficiency. Our total operating expenses as a percentage of total revenues decreased to 22.0% from 24.9% in the same period of 2017, primarily driven by a 67.7% reduction in selling and marketing expenses and a 26.1% reduction in general and administrative expenses during the third quarter of 2018.  Going forward, we seek to maintain our revenue growth, shrink our cost structure, and monetize our blockchain applications and ecosystem.”

Click here to read the full press release.