On May 16, Huiliang Technology (01860) announced Q1 results for the 3 months ended March 31, 2024...
Zhitong Finance App News. On May 16, Huiliang Technology (01860) announced Q1 results for the three months ended March 31, 2024. The report shows that revenue during the period was US$301 million, up 23.3% year on year and up 8.2% month on month; gross profit of US$61.819 million, up 31.8% year on year; adjusted net profit increased 96.6% year on year. Among them, revenue from programmatic advertising platform Mintegral was $284 million, up 25.4% year over year.
In the first quarter of 2024, the machine learning-based intelligent bidding product created by Mintegral was validated by the market and became the main driver of Mintegral's revenue and profit growth.
Specifically, games are still the basic market for Mintegral's revenue generation, recording revenue of US$203 million, an increase of 11.4% over the previous year. This is particularly difficult in the context of the high base in the fourth quarter of last year. The company is also expanding into a large number of non-gaming categories, such as e-commerce, social networking, etc. According to the report, Mintegral's non-travel category recorded revenue of US$807.75 million, an increase of 83.2% over the previous year, and the growth rate also increased further.
It is worth mentioning that since turning losses into profits in the fourth quarter of 2022, Huiliang Technology has achieved profits for six consecutive quarters, and revenue and profit reached record highs in the first quarter of 2024.