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CooTek (Cayman) Inc. (CTK) Stock Surged 15.26% Today, Here’s Why

CooTek (Cayman) Inc. (CTK) stock soared 15.26% in the current market trading session at the price of $0.23 after reporting its financial results for the fourth quarter and full-year 2021.

CTK is a mobile network corporation that provides content-rich websites and applications. The firm has focused on digital literature, mobile games, and story-based content apps. Its vision is to facilitate everyone with suitable content.

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CTK Q4 2021 Financial Highlights

On 15th March 2022, CTK published its financial results for Q4 and the year ended 31st December 2021. Revenues totaled $53.0M for Q4 of 2021. It represents a drop of 48 percent from $102.4M for the same quarter of 2020. The company has a gross profit of $47.0M for Q4 of 2021, a decline of 51 percent from $95.4M for Q4 of last year. For Q4 of 2021, net loss totaled $0.3M. CTK has a net loss of $18.8M for the same period of 2020.

CTK Year 2021 Earnings Report

CTK has net revenue of $272.1M for the year 2021. It represents a 38 percent drop from $441.5M in 2020. The company has a gross profit of $239.3M for 2021. Gross profit was $417.4M in the previous year. For 2021, the gross profit margin totaled 87.9 percent, compared to 94.5 percent last year.

CTK has a net loss of $13.9M for the year 2021. Net loss totaled $47.4M for the prior year. On 31st December 2021, the company has cash and cash equivalents of roughly $18.4M. Cash and cash equivalents totaled $36.2M on 30th September 2021.

CTK Share Purchase Deal

On 15th March 2022, CTK reported that the chairman and chief technology officer, Mr. Karl Kan Zhang, has notified the company of his intention to purchase $3M ADSs for the coming six months. The proposed purchase plan will be subject to pertinent laws and CTK’s trading policy. It illustrates the senior administration’s confidence in the long-term growth and value of the company.

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