Seven Stars Cloud dips after swing to loss despite revenue jump [Seeking Alpha]
SEVEN STARS CLOUD GROUP (SSC)
US:NYSE Investor Relations:
sevenstarscloud.com
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Source: Seeking Alpha
Seven Stars Cloud dips after swing to loss despite revenue jumpSeven Stars Cloud (NASDAQ:SSC) isoff 5.1% after revenue more than quintupled Y/Y in itsQ1 earnings -- a 461% jump the company attributes to expanding business in crude oil trading in October -- but the company said it would need to work on gross profitability.Costs of revenue grew in line with that jump, and gross profit fell to $0.4M from a year-ago $3.8M. Much of the prior-year total was one-time consulting fees, it says.The company swung to a net loss of $0.06/share from year-ago gains of $0.04/share.Cash was $3.9M, not including $40M subscription agreement funds from recent private placement.For the full year, it's sticking with previous guidance of $280M (despite the record $186M in Q1) and $35M in EBITDA.Conference call to come at 4:05 p.m. ET.Press releaseSee all stocks on the move »Now read:Phoenix New Media -5.7% amid light revenue guidance »
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