Revenue in 360 2023 fell 4.89% year on year, but the decline was 7.65 percentage points narrower than in 2022, and net profit fell sharply by 77.65%.
On Friday, April 19, the cybersecurity leader 360 will press the 2023 annual earnings report and the first quarter of 2024.
Looking at the first quarter, the report shows that the company achieved revenue of 1,719 billion yuan in the first quarter, a year-on-year decrease of 12.53%.
Net profit attributable to mother changed from profit to loss in the 3601 quarter. Net profit loss attributable to shareholders of listed companies was 110 million yuan, compared with profit of 186 million yuan for the same period last year. After deducting non-recurring profit and loss, net profit loss attributable to mother was $332 million.
According to financial reports, net profit attributable to shareholders of listed companies decreased year-on-year losses, mainly due to increased income from disposal investments. Changes in other indicators are positively correlated with changes in net profit attributable to shareholders of listed companies.
The gross margin for the first quarter was 62.57%, up 1.92 percentage points from the same period last year, and 60.65% in 2023.
Operating cash flow declined sharply. Net cash flow for the first quarter was -191 million yuan, compared to 5.49 million yuan in the same period last year. R&D investment remained flat. In the first quarter, the company's R&D expenses were 749 million yuan, and R&D investment accounted for 43.55% of revenue.
Looking at the full year of last year, 360 achieved operating income of 9.055 billion yuan in 2023, a year-on-year decrease of 4.89%. The decline was 7.65 percentage points narrower than in 2022. The gross profit margin of the main business was 60.35%, an increase of 1.76 percentage points over the previous year.
Net profit attributable to shareholders of listed companies - 492 million yuan, a sharp decrease of 77.65% compared to 2022. Net cash flow from operating activities was $924 million, up 65.84% year on year.
Regarding progress in artificial intelligence, 360 launched the “360 Smart Brain”, a self-developed general model with 100 billion parameters last year, and its comprehensive capabilities rank first in the country. Based on this, the company released large-scale models for industries such as taxation, security, medical care, insurance, government affairs, etc., with an accuracy rate of question identification and response accuracy of over 95%. At the same time, “360 Smart Brain” enabled “360 Browser” and “360 Search” to be disruptively upgraded to “360 AI Browser” and “360 AI Search”, and the market response was strong.