Lizhi Reports Q3 Adj. Loss Per ADS Of $(1.38), Sales Of $58.30M
Portfolio Pulse from Benzinga Newsdesk
Lizhi Inc. reported a Q3 adjusted loss per ADS of $(1.38) with sales amounting to $58.30 million. The decline in net revenues year-over-year was attributed to a decrease in average paying users and user spending on audio entertainment products.
November 29, 2023 | 10:04 pm
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Lizhi Inc. experienced a year-over-year decline in net revenues due to reduced average paying users and spending on its audio entertainment products, resulting in a Q3 adjusted loss per ADS of $(1.38).
The reported loss and decline in sales are significant indicators of the company's performance and are likely to negatively impact investor sentiment in the short term. The direct correlation between the company's financial results and its stock price typically results in a negative reaction to such earnings reports.
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