Flowing Cloud Technology Ltd. (HK:6610) has released an update.
Flowing Cloud Technology Ltd. has issued a profit warning, expecting a significant drop in both revenue and net profit for the period ending June 30, 2024, with estimated decreases of 25% and 45%, respectively. This downturn is primarily due to reduced advertising budgets in the macroeconomic environment, increased competition in AR/VR content, and declining AR/VR SaaS subscriptions. The company urges caution to shareholders and potential investors as these figures are based on preliminary assessments and the final results are yet to be released.
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