UCL Stock
UCL Stock

uCloudlink Group Inc. (UCL) stock surged 13.86% in the after-market trading session at the price of $3.45 despite no fundamental updates. The last reported news was its financial results for the third quarter of 2021.

UCL is the leading marketplace for mobile data traffic sharing that pioneers the sharing economy business model for the telecommunications market. The company’s products and services offer valuable proposals to the handset and smart-hardware companies, mobile data users, mobile network operators (MNOs), and mobile virtual network operators (MVNOs).

UCL Third Quarter 2021 Financial Results

On 30th November 2021, UCL published its unaudited financial results for the quarter ended 30th September 2021. The company has also presented its corporate updates.  

Management Comments

Chief executive officer of UCL, Chaohui Chen, remarked that they had generated higher revenue of $19.3 million during the quarter despite the ongoing threat of Covid-19. This revenue growth demonstrates that the company is well-positioned to grow in both the short-term as well as long-term. They have witnessed continued business expansion through online and offline channels in China, Europe, Japan, and the US. They will continue to employ innovative technology to launch novel products and services into the market, he added.    

UCL Financial Summary

UCL reported revenues of $19.3 million for the third quarter of 2021. It represents a 7.4% gain from $18.0 million in the last year third quarter. For the Q3 ended 30th September 2021, the company calculated a gross profit of $5.5 million. It represents a drop of 3.0% from $5.6 million in the Q3 of 2020.  

UCL calculated a net loss of $7.0 million for the Q3 of 2021. Net loss was $9.7 million for the same quarter of 2020. Loss from operations totaled $7.0 million for the third quarter of 2021. For the third quarter of 2021, basic and diluted loss per ADS was $0.25. Loss per ADS was $0.34 for the third quarter of 2020. 

UCL Business Outlook

For the fourth quarter of 2021, UCL expects total revenues to range from $17.5 million to $18.0 million. It represents a 2.9% to 5.9% gain from the fourth quarter of 2020.

LEAVE A REPLY

Please enter your comment!
Please enter your name here