Cheetah Mobile Inc. announced its unaudited consolidated financial results for the third quarter ended September 30, 2024, reporting total revenues of RMB192.1 million (US$27.4 million), a 16.6% increase year-over-year. This growth was driven by robust performance in both its service robotics and internet businesses. Gross profit for the quarter increased by 13.9% year-over-year to RMB130.4 million (US$18.6 million).
The company's non-GAAP operating loss narrowed to RMB60.5 million (US$8.6 million) in Q3 2024, improving from RMB62.5 million in the previous quarter. Net loss attributable to Cheetah Mobile shareholders also showed significant sequential improvement, reaching RMB46.9 million (US$6.7 million) compared to RMB123.8 million in the prior quarter. The internet business segment's operating margin, excluding share-based compensation, improved to 10.3% from 6.2% in the same period last year.
As of September 30, 2024, Cheetah Mobile maintained a strong liquidity position with cash and cash equivalents of RMB1,530.5 million (US$218.1 million) and long-term investments of RMB885.9 million (US$126.2 million). Management highlighted rising demand for service robots in hospitality, manufacturing, and logistics, and noted the pivotal opportunity to enhance robot intelligence and deployment efficiency through large language models.
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