Glory Star Q1 revenue falls to $9.8 million from $13.8 million; profit declines
Glory Star New Media Group reported first quarter 2020 results on May 11, 2020, with revenue of $9.8 million versus $13.8 million a year earlier. The company said COVID-19 reduced advertising and copyright revenue. Net income attributable to shareholders fell to $2.9 million from $4.1 million, and basic and diluted earnings per share were $0.06, compared with $0.10 and $0.09 a year earlier. The filing furnishes the results and does not include guidance.
- Revenue was $9.8 million versus $13.8 million; advertising revenue fell 24.2% to $7.9 million
- Income from operations was $2.9 million versus $4.4 million; operating margin was 29.7% versus 32.3%
- Net income attributable to shareholders was $2.9 million versus $4.1 million
- Cash and cash equivalents were $10.0 million at March 31, 2020, versus $1.3 million a year earlier