Lizhi Inc. (LIZI) stock started the new week in a positive mode and gained 13.04% in the morning session on Tuesday, June 1, 2021, and closed the session at $7.54 per share. in the after-market session, LIZI stock lost its positivity and lost 5.17%, and closed the day at $7.15 per share. LIZI shares have risen 86.17% over the last 12 months, and they have moved up 64.99% in the past week. Over the past three months, the stock has lost 15.66%, while over the past six months, it has surged 210.29%.
Let’s see what are the latest news about LIZI?
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Financial results announcement
On June 01, 2021, LIZHI Inc released its unaudited financial results for the first quarter ended March 31, 2021.
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Q1 2021 financial results
- Lizhi Inc reported net revenues of 1 million (US$75.6 million) in the first quarter of 2021 compared to RMB370.3 million in the first quarter of 2020.
- The cost of revenues was RMB370.0 million (US$56.5 million) in the first quarter of 2021, compared to RMB297.4 million in Q1 2020.
- In Q1 2021, Gross profit was RMB125.1 million (US$19.1 million) compared to RMB72.9 million in the first quarter of 2020.
- Operating expenses were RMB197.3 million (US$30.1 million) in Q1 2021, compared to RMB120.6 million in Q1 2020.
- Lizhi suffered froman operating lossof RMB72.2 million (US$11.0 million) in Q1 2021, compared to an operating loss of RMB47.7 million in the first quarter of 2020.
- In Q1 2021, the net loss was RMB70.0 million (US$10.7 million) compared to RMB48.2 million in the first quarter of 2020.
- Basic and diluted net loss per ADS were RMB1.50 (US$0.23) in Q1 2021, compared to RMB5.33 in Q1 2020.
- Lizhi had cash and cash equivalents, restricted cash, and short-term investments of RMB318.9 million (US$48.7 million) on March 31, 2021.
Lizhi Partnership with WM Motor
On April 26, 2021, Lizhi Inc. signed a partnership agreement with WM Motor, to create WM Motor’s first branded podcast on the LIZHI Podcast app (LIZHI BOKE in Chinese).
Lizhi is already collaborating with WM Motor to integrate LIZHI’s in-car audio product into WM Motor’s in-car system for its electric vehicles.
Lizhijoined Cooperation Alliance
On April 15, 2021, Lizhi Inc became a member of the Pilot Enterprise Cooperation Alliance of Online Audiovisual Industry in Guangdong Province.
The Cooperation Alliance is an industrial collaboration platform jointly established by the Online Audiovisual New Media Association in Guangdong Province.
Collaboration with Tiger Brokers
On April 14, 2021, Lizhi Inc partnered with Tiger Brokers to create a branded podcast channel through LIZHI Podcast (also named LIZHI BOKE in Chinese), the company’s vertical podcast platform.
Tiger Brokers is a leading online brokerage firm focusing on global Chinese investors and has been committed to improving financial efficiency through advanced technological innovation.
Conclusion
The financial results announcement for Q1 2021 took its stock towards the negativity in the after-market on Tuesday because the results were not good if we compare it with the Q1 2020. We hope that LIZI will pick up on Wednesday.
