Why did Lizhi Inc. (LIZI) stock turnaround in the after-hours on Monday?

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BTRS Stock
BTRS Stock

Lizhi Inc. (LIZI) shares declined 6.75% in after-hours on Monday, November 29, 2021, and closed the daily trading at $2.35. However, in the regular trading session, LIZI’s stock gained 4.56%. LIZI shares have risen 3.70% over the last 12 months, and they have moved down 4.18% in the past week. Over the past three months, the stock has lost 47.17%, while over the past six months, it has declined 66.58%.

Let’s have a look at its recent news and developments.


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LIZI latest developments

On November 29, 2021, LIZHI INC. (LIZI), announced its unaudited financial results for the third quarter ended September 30, 2021.

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Q3 2021 financial highlights

  • LIZI reported total net revenue of RMB504.8 million (US$78.4 million) in Q3 2021 compared to RMB361.5 million in Q3 2020.
  • The cost of revenue was RMB353.6 million (US$54.9 million) in Q3 2021 compared to RMB270.9 million in Q3 2020.
  • In Q3 2021, the gross profit was RMB151.3 million (US$23.5 million) compared to RMB90.6 million in the third quarter of 2020.
  • Total operating expenses were RMB191.3 million (US$29.7 million) in Q3 2021 compared to RMB100.2 million in Q3 2020.
  • It suffered a net loss of RMB37.1 million (US$5.8 million) in the third quarter of 2021, compared to RMB6.1 million in the third quarter of 2020.
  • The company ended the quarter with cash and cash equivalents and restricted cash of RMB515.9 million (US$80.1 million).

LIZI recent recognitions

On November 26, 2021, LIZHI INC. was named one of “China’s Top 100 Internet Companies of 2021” by the Internet Society of China (ISC), the third year in a row.

Earlier on October 20, 2021, LIZI was named among the Top 20 Internet Companies in Guangzhou in 2021 and “Most Innovative Internet Companies in 2021 by the Guangzhou Internet Society. The two accolades were presented in 2021 at the 2021 Guangzhou Internet + New Economy Conference.

On September 28, 2021, Guangdong Science and Technology Department recognized LIZHI INC. Audio Engineering Technology Research Center of Guangdong Province, on its 2021 list of Engineering Technology Research Centers of Guangdong Province.

A new feature on the LIZI TIYA app

On September 24, 2021, LIZHI INC. (LIZI), introduced a new “My Friends” live status/mood function on its app, TIYA. This new feature of the TIYA App will enable users to easily find friends with similar statuses and moods and deepen existing relationships.

LIZI on FTSE Global Equity Index Series

On September 17, 2021, LIZHI INC. (LIZI), the stock was added to the FTSE Global Equity Index Series “FTSE GEIS), including FTSE Global Micro Cap Index and FTSE Global Total Cap Index.

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Conclusion

The recent financial results were unable to fulfill the analyst’s expectations due to which its stock crashed in the after-hours on Monday and we can expect it to further decline on Tuesday as well.

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