Shares of the information technology firm CLPS Incorporation (Nasdaq: CLPS) have been climbing in the early pre-market session today. As of 08:06 a.m. EST, the stock price was buoying at $5.41 after an increase of 30.68%. All that rise has been coming on the heels of the release of its half-yearly report today.
What does the performance say?
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CLPS is headquartered in Hong Kong and is the world’s premier member of the financial services sector in providing information technology and solutions. To large financial institutions in the US, Europe, Australia, Southeast Asia, and Hong Kong, and their PRC-based IT centers, the Company serves as a solution provider to a growing network of clients in the financial industry.
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To serve different geographical locations, the Company maintains 19 locations that handle deliveries and/or R&D activities. Centers in Mainland China have been established by the company in Shanghai, Beijing, Dalian, Tianjin, Baoding, Chengdu, Guangzhou, Shenzhen, Hangzhou, Suzhou, and Hainan.
The CLPS Group today announced its unaudited financial results for the six months ended December 31, 2020, which is when the Company’s first half of the fiscal year 2021 ended.
- Revenues grew 37.0% to $58.3 million in the first half of fiscal 2021, entirely due to the increase in revenue from IT consulting services.
- It was an increase of $15.7 million from the prior-year H1 revenue of $42.6 million.
- A 20.2% increase in gross profit in the first half of the fiscal year from $15.4 million in the prior fiscal year period is displayed in the first half of fiscal 2021 with gross profit at $18.5 million.
- Net income increased by 114.9% or $2.6 million to $4.9 million in the first half of fiscal 2021 compared with $2.3 million of net income the company had posted for the first half of fiscal 2020.
- However, non-GAAP net income in the first half of fiscal 2021 increased by $3.0 million, or 91.2%, to $6.4 million compared to $3.4 million in the same period of fiscal 2020 taking into account non-cash share-based compensation expenses.