Viomi Technology Inc. (NASDAQ: VIOT) stock declined by 9.57% in the current market trading. Viomi’s aim is to reimagine the future house through the IoT @ Home idea. Viomi has created a one-of-a-kind IoT @ Home platform, which includes an ecosystem of revolutionary IoT-enabled smart home devices, as well as a suite of complementing consumables and value-added companies.
VIOT stock’ Financial Highlights
Viomi Technology announced its second-quarter 2021 financial results. The summary is given below:
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- In the second quarter of 2020, net revenues were RMB1,658.9 million (US$256.9 million), down from RMB1,684.4 million in the previous quarter.
- The gross margin was 21.2 percent in the second quarter of 2020, compared to 14.3 percent the previous quarter.
- From RMB9.9 million in the second quarter of 2020, net income attributable to ordinary shareholders rose by 367.4 percent to RMB46.1 million (US$7.1 million).
- The Company non-GAAP net income attributable to ordinary shareholders grew by 44.9 percent to RMB59.5 million (US$9.2 million) in the second quarter of 2020, up from RMB41.1 million in the previous quarter.
- The total number of household users totaled over 5.9 million, up from around 5.6 million at the end of the first quarter of 2021 and around 4.2 million at the end Q2 of 2020.
- The percentage of home users with at least two connected items increased to 20.7 percent an increase from 20.4 percent in the first quarter of 2021 and 19.0 percent in Q2 2020.
VIOT presently forecasts the following for the third quarter of 2021:
- Net revenues are expected to range from RMB1.0 billion to RMB1.1 billion.
Sales of Xiaomi-branded sweeper robots are expected to decline in the third quarter, while the company’s own-branded sweeper robot industry is expected to expand quicker and become one of the key categories.
The prognosis above is depending on current market circumstances and reflects the Company’s current and initial projections of market and operating conditions, as well as client demand, which are all dependent on change.