Cheetah Net Supply Chain Service Inc. FY23 EPS $0.01 Vs $0.05 YoY
Portfolio Pulse from Benzinga Newsdesk
Cheetah Net Supply Chain Service Inc. (CTNT) reported a significant decline in FY23 financial results, with EPS dropping to $0.01 from $0.05 YoY. Revenue fell by 30.5% to $38.4 million due to a strategic pause in vehicle procurement and a shift in procurement pricing strategy. Despite the revenue decline, cost control measures were effective, with a decrease in total cost of revenue and selling expenses. Net income also decreased to $0.1 million from $0.8 million in 2022.
March 18, 2024 | 8:28 pm
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Cheetah Net Supply Chain Service Inc. (CTNT) experienced a significant decline in FY23 earnings and revenue, with EPS dropping to $0.01 from $0.05 YoY and revenue decreasing by 30.5% to $38.4 million.
The significant decline in both earnings per share and revenue for CTNT indicates a challenging fiscal year, primarily due to strategic decisions and market forces. The drop in net income and the strategic pause in vehicle procurement, along with a shift in procurement pricing strategy, are likely to negatively impact investor sentiment and the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100