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Wednesday, May 25, 2022

CooTek (Cayman) Inc. (CTK) stock surged in the Current Market; here is why?

CooTek (Cayman) Inc. (CTK) stock gained in the current market after announcing profitability of Fengdu Novel. CTK’s stock price is $0.29, gaining more than 21.60% compared to yesterday’s closing price. CTK stock closed at $0.24 at the end of the last trading session. CTK stock volume traded in the previous trading session was around 6.46 million shares. The current market cap of the company is about $13.28 million.


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CTK: Update about Fengdu Novel

Fengdu Novel, a CooTek (Cayman) Inc. (CTK) online literature app that provided a batch of high-quality literary work said in a press release that it has been chosen for the ninth round of Tencent Video’s Mars Project and will be available for production firms to turn into short films. The successful partnership represents another milestone in Fengdu Novel’s IP incubation of short films. A fast-paced, fictional, and non-traditional book style is included in each of the five literary works. Working with the platform and production firms shows the commercial attractiveness of IP.

Its expertise in IP sourcing and licensing has enabled Fengdu to shoot online novel works successfully. An audiobook, video, and collaborative animation project with Fengdu Novel were initiated last year. Fengdu Novel has also licensed works to international sites, increasing their visibility. Fengdu Novel has used other social media networks to monetize its material. Content commercialization is predicted to expand income streams and profitability for Fengdu Novel, thus strengthening its content ecosystem.

CKT: Key Financials

  • In the fourth quarter of 2021, CKT’s net revenue was $53 million, a decrease of 48% from $102.4 million in the previous year’s same quarter.
  • In fiscal 2021, CKT’s net revenues were US$272.1 million, a decline of 38% from US$441.5 million in the fourth quarter of 2020.
  • Q4 2021 net loss is $0.3 million. Q4 2020 net loss was $18.8 million.
  • CKT reported $13.9 million in Q4 2021 vs $47.4 million in Q4 2020’s losses.
  • There were $0.004 basic and diluted net losses per ADS in the fourth quarter of 2021.
  • The basic and diluted net loss per ADS for fiscal 2021 was $0.23.

Conclusion

CKT reported an increase in the company’s profitability with Novel to Short Films. As a result, the stock has skyrocketed in the current market. The fiscal 2021 reports show a positive impact of the decision on its revenue and profitability.

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