Seven Stars Cloud -21% as Q2 loss widens [Seeking Alpha]
SEVEN STARS CLOUD GROUP (SSC)
US:NYSE Investor Relations:
sevenstarscloud.com
Company Research
Source: Seeking Alpha
Seven Stars Cloud Group (NASDAQ: SSC ) -- formerly Wecast Network, formerly You On Demand -- is today after posting Q2 results where losses widened as the company underwent another transformation, toward focusing on three cloud areas for commercial enterprises. The company's working with a new business line vs. a year ago, and revenue changed accordingly (to $43.3M this quarter vs. a year-ago $1.5M). Cost of revenue was also $43.3M, though. Net loss widened to $3.7M from a loss of $1.6M. The company also announced two new joint ventures : one with Ocasia Group Holdings (a purchasing agent for major energy companies) and another with Beijing Urban Construction Holdings Materials Industry, a major national and provincial project builder. Seven Stars Cloud pointed to them as the kind of partners it's now seeking, doing billions of dollars a year in purchasing and procurement turnover. Conference call to come at 4:15 p.m. ET. Press Release Now rea
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