Earnings Report | CLOUD MUSIC Q2 Revenue of 24 billion, gaming business grows by 3.6%, CLOUD MUSIC declines.

On Thursday, Dolphin Research released its Q2 2023 Earnings Report.

According to the report, Dolphin Research's Q2 revenue reached 24 billion yuan, representing a YoY growth of 3.7%. The net profit was 8.24 billion yuan, with earnings per ADS at 12.69 yuan.

In pre-market trading, Dolphin Research experienced slight fluctuations but remained relatively stable.

Q2 Financial Indicators

Dolphin Research's Q2 revenue amounted to 24 billion yuan (3.3 billion USD), reflecting a 3.7% growth compared to Q2 2022.

Gross profit reached 14.4 billion yuan (2 billion USD), representing an 11.1% increase from Q2 2022.

Total operating expenses were 8.3 billion yuan (1.1 billion USD), showing a 4.0% growth from Q2 2022.

Net profit attributable to shareholders was 8.2 billion yuan (1.1 billion USD), with a YoY growth.

Non-GAAP net profit attributable to shareholders was 9 billion yuan (1.2 billion USD).

Earnings per share were 0.35 USD, while non-GAAP earnings per share were 0.39 USD.

Segmented Business Data

Dolphin Research's Q2 revenue from gaming and related value-added services was 18.8 billion yuan (2.6 billion USD), showing a 3.6% growth from Q2 2022.

Revenue from Youdao reached 1.2 billion yuan (166.4 million USD), representing a 26.2% growth from Q2 2022.

Dolphin Research's revenue from other sources was 1.9 billion yuan (268.7 million USD), reflecting an 11.1% decrease from Q2 2022.

Revenue from innovative businesses and other sources amounted to 2.1 billion yuan (283.7 million USD), with a 9.9% growth from Q2 2022.

The gross margin for gaming and related value-added services in Q2 was 67.4%, compared to 66.7% in the previous quarter and 64.9% in Q2 2022.