Shares of Viomi Technology Co. Ltd (VIOT, Financial) fell more than 5% on Monday after announcing third-quarter results. The company posted earnings of 39 cents per share on $82.31 million in revenue, a 170.9% increase from the prior-year quarter.
“We are pleased to report strong operational and financial results for the third quarter of 2018, our first quarter as a public company,” Chairman and CEOÂ Xiaoping Chen said. “Net revenues increased by over 170% year-over-year in the third quarter of 2018, driven by robust market demand across key product categories, particularly relating to the continued successful rollout and significant increase in sales of Viomi-branded products”.
The number of household users reached over 1.4 million and the percentage of users possessing at least two of the internet of things products rose to 13.2% from 12.5% in the previous quarter.The company introduced approximately 15 new product lines and the number of Viomi offline experience stores increased to 1,200.
The gross profit rose 152.8% to 169.9 million yuan ($24.7 million) from 67.2 million yuan in the year-ago quarter. The gross margin was 30%, down from 32.2%.
Shares of General Motors Co. (GM, Financial) jumped almost 6% on Monday after the company announced a cost-cutting plan, reducing U.S. and overseas plants and staff by 15%.
The company plans to turn to electric and autonomous vehicles, expecting more than 75% of its global sales volume will come from five vehicles.
“The actions we are taking today continue our transformation to be highly agile, resilient and profitable, while giving us the flexibility to invest in the future,” CEOÂ Mary Barra said. “These actions will increase the long-term profit and cash generation potential of the company and improve resilience through the cycle”.
Disclosure:The author holds no position in any stocks mentioned.
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