BEIJING (dpa-AFX) - MicroAlgo Inc. (MLGO) Monday reported net income of RMB53.4 million or $7.3 million for the year ended December 31, 2024, compared with net loss of RMB266.2 million in the previous year.
'This return to profitability is largely attributed to the company's strategic shift away from its intelligent chips and services segment, and dedication of resources resulting in strong performance in its central processing algorithm services, which accounted for 100% of revenues in 2024,' MicroAlgo said in a statement.
Revenue for the year was RMB 541.5 million or $75.3 million.
Last December, the company had regained compliance with NASDAQ's listing requirements, after its shares maintained a closing bid price of $1.00 or more for ten consecutive business days.
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