Technology
Cheetah Mobile Announces First Quarter 2024 Unaudited Consolidated Financial Results
Published
3 months agoon
By
BEIJING, June 7, 2024 /PRNewswire/ — Cheetah Mobile Inc. (NYSE: CMCM) (“Cheetah Mobile” or the “Company”), a China-based IT company, today announced its unaudited consolidated financial results for the first quarter ended March 31, 2024.
Management Commentary
Mr. Sheng Fu, Cheetah Mobile’s Chairman and Chief Executive Officer, remarked, “Cheetah Mobile is transforming from a consumer-facing company to an enterprise-facing company. Our acquisition of Beijing OrionStar Technology Co., Ltd. (“Beijing OrionStar”) was an important step in our transformation, bringing us an experienced 2B sales team, strong connections with business customers, and comprehensive large language model (LLM) capabilities. We are strategically focused on developing customized LLM-based apps for enterprises and using these apps to further enhance our enterprise-facing service robots. Our robust AI capabilities and proven success in product development position us well to commercialize the once-in-a-generation opportunity presented by LLMs.”
Mr. Thomas Ren, Cheetah Mobile’s Chief Financial Officer, commented, “We are pleased with our financial performance for the first quarter of 2024, which was largely driven by the successful integration of Beijing OrionStar and robust growth in the AI and others segment. Total revenues increased by 11.6% year over year, reaching RMB190.3 million, with a 62.1% increase in the AI and others segment. Our strategic investments in LLMs and enhancements in operational efficiencies position us well for continued revenue growth and improved margins in the coming quarters.”
First Quarter 2024 Consolidated Financial Results
Total revenues increased by 11.6% year over year and 13.7% quarter over quarter to RMB190.3 million (US$26.4 million) in the first quarter of 2024.
Revenues from the Company’s internet business decreased by 9.4% year over year but increased by 1.2% quarter-over-quarter to RMB109.0 million (US$15.1 million) in the first quarter of 2024. The year-over-year decrease was mainly due to the Company’s proactive approach to shifting its focus from the internet business to enterprise-facing large language-related business. As a result, the Company continued to review its consumer-facing product portfolio and removed products and product features that did not address user’s pain points in the quarter. In the first quarter of 2024, revenues generated from the internet business accounted for 57.3% of total revenues, compared to 70.6% in the same period last year and 64.4% in the previous quarter.Revenues from AI and others increased by 62.1% year over year and 36.3% quarter over quarter to RMB81.3 million (US$11.3 million) in the first quarter of 2024. The growth was primarily driven by an increase in the delivery of the Company’s service robots, following the acquisition of a controlling stake in Beijing OrionStar. In the first quarter of 2024, revenues generated from AI and others accounted for 42.7% of total revenues, compared to 29.4% in the same period last year and 35.6% in the previous quarter.
Cost of revenues increased by 37.0% year over year and 12.8% quarter over quarter to RMB77.0 million (US$10.7 million) in the first quarter of 2024. The increases were primarily attributable to the rise in the hardware-related costs for the Company’s service robots. Non-GAAP cost of revenues increased by 37.1% year over year and 12.7% quarter over quarter to RMB76.9 million (US$10.6 million) in the first quarter of 2024.
Total operating expenses increased by 23.9% year over year and 21.2% quarter over quarter to RMB193.9 million (US$26.9 million) in the first quarter of 2024. The increases primarily resulted from the acquisition of a controlling stake in Beijing OrionStar. Total non-GAAP operating expenses increased by 15.3% year over year and 21.3% quarter over quarter to RMB179.8 million (US$24.9 million) in the first quarter of 2024.
Research and development expenses increased by 26.2% year over year and 44.8% quarter over quarter to RMB57.3 million (US$7.9 million) in the first quarter of 2024, primarily due to higher personnel-related expenses as the Company expanded its R&D team following the acquisition of a controlling stake in Beijing OrionStar. Non-GAAP research and development expenses increased by 11.8% year over year and 41.7% quarter over quarter to RMB50.9 million (US$7.0 million) in the first quarter of 2024.Selling and marketing expenses decreased by 0.5% year over year but increased by 19.7% quarter over quarter to RMB67.9 million (US$9.4 million) in the first quarter of 2024. The quarter-over-quarter increase was primarily due to 1) increased marketing and promotion expenses related to our user acquisition for certain products of our internet business; and 2) increased personnel-related expenses as the Company increased its sales personnel following the acquisition of a controlling stake in Beijing OrionStar. Non-GAAP selling and marketing expenses decreased by 0.8% year over year but increased by 19.8% to RMB67.5 million (US$9.4 million) in the first quarter of 2024.General and administrative expenses increased by 56.7% year over year and 8.9% quarter over quarter to RMB69.1 million (US$9.6 million) in the first quarter of 2024, primarily due to 1) increased personnel-related expenses as the Company increased the number of its G&A personnel following the acquisition of a controlling stake in Beijing OrionStar, 2) increased share-based compensation expenses for our key employees. Non-GAAP general and administrative expenses increased by 42.1% year over year and 11.0% quarter over quarter to RMB61.9 million (US$8.6 million) in the first quarter of 2024.
Operating loss was RMB80.6 million (US$11.2 million) in the first quarter of 2024, compared to RMB42.3 million in the same period last year and RMB60.9 million in the previous quarter. Non-GAAP operating loss was RMB66.4 million (US$9.2 million) in the first quarter of 2024, compared to RMB41.5 million in the same period last year and RMB49.1 million in the previous quarter. The Company widened its operating loss in the quarter because of: 1) its increased personnel-related expenses, and 2) hardware-related costs, which in turn resulted from the acquisition of a controlling stake in Beijing OrionStar.
Share-based compensation expenses were RMB7.6 million (US$1.1 million) in the first quarter of 2024, compared to RMB0.8 million in the same period last year and RMB7.4 million in the previous quarter.
By segment, operating margin excluding share-based compensation expense for internet business was 7.9% in the first quarter of 2024, which improved from 3.1% in the same period last year, but slightly decreased from 8.8% in the previous quarter.
Other expenses, net were RMB7.6 million (US$1.1 million) in the first quarter of 2024, primarily due to loss from the disposal of its subsidiary outside of China.
Net loss attributable to Cheetah Mobile shareholders was RMB80.0 million (US$11.1 million) in the first quarter of 2024, compared to RMB18.6 million in the same period last year and RMB301.2 million in the previous quarter. Non-GAAP net loss attributable to Cheetah Mobile shareholders was RMB65.8 million (US$9.1 million) in the first quarter of 2024, compared to RMB17.8 million in the same period last year and RMB289.4 million in the previous quarter.
Diluted loss per ADS was RMB2.8 (US$0.4) in the first quarter of 2024, compared to RMB0.6 in the same period last year and RMB 10.3 in the previous quarter. Non-GAAP diluted loss per ADS was RMB2.3 (US$0.3) in the first quarter of 2024, compared to RMB0.6 in the same period last year and RMB9.9 in the previous quarter.
Balance Sheet
As of March 31, 2024, the Company had cash and cash equivalents and short-term investments of RMB1,793.2 million (US$248.4 million).
Conference Call Information
The Company will hold a conference call on June 7th, 2024, at 7:00 a.m. Eastern Time (or 7:00 p.m. Beijing Time) to discuss its financial results. Listeners may access the call by dialing the following numbers:
Main Line:
International: 1-412-317-6061
United States Toll Free: 1-888-317-6003
Mainland China Toll Free: 4001-206115
Hong Kong Toll Free: 800-963976
Conference ID: 8764416
English Translation:
International: 1-412-317-6061
United States Toll Free: 1-888-317-6003
Mainland China Toll Free: 4001-206115
Hong Kong Toll Free: 800-963976
Conference ID: 0625357
A live and archived webcast of the conference call will also be available at the Company’s investor relations website at http://ir.cmcm.com.
Exchange Rate
This press release contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars in this press release were made at a rate of RMB7.2203 to US$1.00, the exchange rate in effect as of March 29, 2024, as set forth in the H.10 statistical release of the Federal Reserve Board. Such translations should not be construed as representations that RMB amounts could be converted into U.S. dollars at that rate or any other rate, or to be the amounts that would have been reported under accounting principles generally accepted in the United States of America (“U.S. GAAP”).
About Cheetah Mobile Inc.
Cheetah Mobile is a China-based IT company with a commitment to AI innovation. It has attracted hundreds of millions of users through an array of internet products and services on PCs and mobile devices. At the same time, it actively engages in the independent research and development of its AI technologies, including LLM technologies. Cheetah Mobile provides advertising services to advertisers worldwide, value-added services including the sale of premium membership to its users, multi-cloud management platform to companies globally, as well as service robots to international clients. Cheetah Mobile is also committed to leveraging its cutting-edge AI technologies, including LLM technologies, to empower its products and make the world smarter. It has been listed on the New York Stock Exchange since May 2014.
Safe Harbor Statement
This press release contains forward-looking statements. These statements, including management quotes and business outlook, constitute forward-looking statements under the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Such statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in the forward-looking statements, including but are not limited to the following: Cheetah Mobile’s growth strategies; Cheetah Mobile’s ability to retain and increase its user base and expand its product and service offerings; Cheetah Mobile’s ability to monetize its platform; Cheetah Mobile’s future business development, financial condition and results of operations; competition with companies in a number of industries including internet companies that provide online marketing services and internet value-added services; expected changes in Cheetah Mobile’s revenues and certain cost or expense items; and general economic and business condition globally and in China. Further information regarding these and other risks is included in Cheetah Mobile’s filings with the U.S. Securities and Exchange Commission. Cheetah Mobile does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
Use of Non-GAAP Financial Measures
This release contains non-GAAP financial measures, including but not limited to:
Non-GAAP cost of revenues excludes share-based compensation expensesNon-GAAP gross profit excludes share-based compensation expensesNon-GAAP gross margin excludes share-based compensation expenses.Total non-GAAP operating expenses exclude share-based compensation expenses and amortization of intangible assets resulting from business acquisitions.Non-GAAP research and development expenses exclude share-based compensation expenses and amortization of intangible assets resulting from business acquisitions.Non-GAAP selling and marketing expenses exclude share-based compensation expenses and amortization of intangible assets resulting from business acquisitions.Non-GAAP general and administrative expenses exclude share-based compensation expenses.Non-GAAP operating profit/loss excludes share-based compensation expenses and amortization of intangible assets resulting from business acquisitions.Non-GAAP net income/loss attributable to Cheetah Mobile shareholders excludes share-based compensation expenses and amortization of intangible assets resulting from business acquisitions.Non-GAAP diluted earnings/losses per ADS excludes share-based compensation expenses and amortization of intangible assets resulting from business acquisitions.Non-GAAP adjusted EBITDA represents net income/loss attributable to Cheetah Mobile shareholders excluding share-based compensation, amortization of intangible assets resulting from business acquisitions, interest income, depreciation and amortization, net income attributable to noncontrolling interests, other income, net and income tax expenses
The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measures for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measures are useful supplemental information for investors and analysts to assess its operating performance without the effect of share-based compensation expenses and amortization of intangible assets resulting from business acquisitions, which have been and will continue to be significant recurring expenses in its business. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company’s net income for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measure in isolation from or as an alternative to the financial measure prepared in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the tables captioned “Cheetah Mobile Inc. Reconciliation of GAAP and Non-GAAP Results”.
CHEETAH MOBILE INC.
Condensed Consolidated Balance Sheets
(Unaudited, amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))
As of
December 31, 2023
March 31, 2024
RMB
RMB
USD
ASSETS
Current assets:
Cash and cash equivalents
2,020,191
1,792,907
248,315
Short-term investments
1,023
328
45
Accounts receivable, net
401,064
438,596
60,745
Prepayments and other current assets, net
973,127
1,231,793
170,601
Due from related parties, net
71,505
77,408
10,721
Total current assets
3,466,910
3,541,032
490,427
Non-current assets:
Property and equipment, net
53,884
49,531
6,860
Operating lease right-of-use assets
30,451
27,636
3,828
Intangible assets, net
218,559
211,376
29,275
Goodwill
576,989
576,989
79,912
Long-term investments
937,460
933,011
129,221
Deferred tax assets
188,503
189,775
26,284
Other non-current assets
160,428
89,950
12,458
Total non-current assets
2,166,274
2,078,268
287,838
Total assets
5,633,184
5,619,300
778,265
LIABILITIES, MEZZANINE EQUITY
AND SHAREHOLDERS’ EQUITY
Current liabilities:
Bank loans
5,000
5,000
692
Accounts payable
170,185
172,150
23,842
Accrued expenses and other current liabilities
2,437,210
2,400,597
332,479
Due to related parties
84,147
84,508
11,704
Income tax payable
31,603
34,417
4,767
Total current liabilities
2,728,145
2,696,672
373,484
Non-current liabilities:
Deferred tax liabilities
54,540
53,281
7,379
Other non-current liabilities
189,943
180,297
24,971
Total non-current liabilities
244,483
233,578
32,350
Total liabilities
2,972,628
2,930,250
405,834
Mezzanine equity:
Redeemable noncontrolling interests
105,978
183,690
25,441
Shareholders’ equity:
Ordinary shares
244
244
34
Additional paid-in capital
2,711,875
2,716,181
376,187
Accumulated deficit
(613,102)
(693,137)
(95,998)
Accumulated other comprehensive income
356,854
380,940
52,760
Total Cheetah Mobile shareholders’ equity
2,455,871
2,404,228
332,983
Noncontrolling interests
98,707
101,132
14,007
Total equity
2,554,578
2,505,360
346,990
Total liabilities, mezzanine equity and equity
5,633,184
5,619,300
778,265
CHEETAH MOBILE INC.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited, amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”), except for number of shares and per
share(or ADS) data)
For The Three Months Ended
March 31, 2023
December 31, 2023
March 31, 2024
March 31, 2024
RMB
RMB
RMB
USD
Revenues
170,434
167,314
190,288
26,354
Internet business
120,309
107,711
109,020
15,099
AI and others
50,125
59,603
81,268
11,255
Cost of revenues (a)
(56,163)
(68,243)
(76,952)
(10,658)
Gross profit
114,271
99,071
113,336
15,696
Operating income and expenses:
Research and development (a)
(45,428)
(39,583)
(57,331)
(7,940)
Selling and marketing (a)
(68,266)
(56,746)
(67,940)
(9,410)
General and administrative (a)
(44,126)
(63,502)
(69,145)
(9,576)
Other operating income/(expense), net
1,271
(185)
508
70
Total operating income and expenses
(156,549)
(160,016)
(193,908)
(26,856)
Operating loss
(42,278)
(60,945)
(80,572)
(11,160)
Other income/(expenses):
Interest income, net
12,342
15,829
15,316
2,121
Foreign exchange gains/ (losses)
14,463
17,407
(3,277)
(454)
Other expense, net
(1,801)
(321,244)
(7,595)
(1,052)
Loss before taxes
(17,274)
(348,953)
(76,128)
(10,545)
Income tax (expenses)/ benefits
(178)
47,760
(198)
(27)
Net loss
(17,452)
(301,193)
(76,326)
(10,572)
Less: net income attributable to noncontrolling interests
1,147
18
3,709
514
Net loss attributable to Cheetah Mobile shareholders
(18,599)
(301,211)
(80,035)
(11,086)
Net loss per share
Basic
(0.0126)
(0.2056)
(0.0549)
(0.0076)
Diluted
(0.0129)
(0.2056)
(0.0550)
(0.0076)
Net loss per ADS
Basic
(0.6300)
(10.2800)
(2.7450)
(0.3800)
Diluted
(0.6450)
(10.2800)
(2.7500)
(0.3800)
Weighted average number of shares outstanding
Basic
1,449,518,133
1,493,550,095
1,494,213,830
1,494,213,830
Diluted
1,449,518,133
1,493,550,095
1,494,213,830
1,494,213,830
Weighted average number of ADSs outstanding
Basic
28,990,363
29,871,002
29,884,277
29,884,277
Diluted
28,990,363
29,871,002
29,884,277
29,884,277
Other comprehensive (loss)/income , net of tax of nil
Foreign currency translation adjustments
(40,018)
(29,112)
21,031
2,913
Unrealized gains on available-for-sale securities, net
–
–
1,772
245
Other comprehensive (loss)/ income
(40,018)
(29,112)
22,803
3,158
Total comprehensive loss
(57,470)
(330,305)
(53,523)
(7,414)
Less: Total comprehensive income attributable to
noncontrolling interests
913
687
2,426
336
Total comprehensive loss attributable to Cheetah Mobile
shareholders
(58,383)
(330,992)
(55,949)
(7,750)
For The Three Months Ended
March 31,
2023
December 31,
2023
March 31,
2024
March 31,
2024
(a) Share-based compensation expenses
RMB
RMB
RMB
USD
Cost of revenues
119
70
92
13
Research and development
(88)
(426)
292
40
Selling and marketing
196
72
(44)
(6)
General and administrative
552
7,714
7,245
1,003
Total
779
7,430
7,585
1,050
CHEETAH MOBILE INC.
Reconciliation of GAAP and Non-GAAP Results
(Unaudited, amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”), except for per share data)
For The Three Months Ended March 31, 2024
GAAP
Share-based
Amortization of
Non-GAAP
Result
Compensation
intangible assets*
Result
RMB
RMB
RMB
RMB
USD
Revenues
190,288
–
–
190,288
26,354
Cost of revenues
(76,952)
92
–
(76,860)
(10,645)
Gross profit
113,336
92
–
113,428
15,709
Research and development
(57,331)
292
6,156
(50,883)
(7,047)
Selling and marketing
(67,940)
(44)
469
(67,515)
(9,351)
General and administrative
(69,145)
7,245
–
(61,900)
(8,573)
Other operating income, net
508
–
–
508
70
Total operating income and expenses
(193,908)
7,493
6,625
(179,790)
(24,901)
Operating loss
(80,572)
7,585
6,625
(66,362)
(9,192)
Net loss attributable to Cheetah Mobile shareholders
(80,035)
7,585
6,625
(65,825)
(9,118)
Diluted losses per ordinary share (RMB)
(0.0550)
0.0052
0.0043
(0.0455)
Diluted losses per ADS (RMB)
(2.7500)
0.2600
0.2150
(2.2750)
Diluted losses per ADS (USD)
(0.3800)
0.0360
0.0289
(0.3151)
For The Three Months Ended December 31, 2023
GAAP
Share-based
Amortization of
Non-GAAP
Result
Compensation
intangible assets*
Result
RMB
RMB
RMB
RMB
Revenues
167,314
–
–
167,314
Cost of revenues
(68,243)
70
–
(68,173)
Gross profit
99,071
70
–
99,141
Research and development
(39,583)
(426)
4,104
(35,905)
Selling and marketing
(56,746)
72
313
(56,361)
General and administrative
(63,502)
7,714
–
(55,788)
Other operating expense, net
(185)
–
–
(185)
Total operating income and expenses
(160,016)
7,360
4,417
(148,239)
Operating loss
(60,945)
7,430
4,417
(49,098)
Net loss attributable to Cheetah Mobile shareholders
(301,211)
7,430
4,417
(289,364)
Diluted losses per ordinary share (RMB)
(0.2056)
0.0051
0.0029
(0.1976)
Diluted losses per ADS (RMB)
(10.2800)
0.2550
0.1450
(9.8800)
For The Three Months Ended March 31, 2023
GAAP
Share-based
Non-GAAP
Result
Compensation
Result
RMB
RMB
RMB
Revenues
170,434
–
170,434
Cost of revenues
(56,163)
119
(56,044)
Gross profit
114,271
119
114,390
Research and development
(45,428)
(88)
(45,516)
Selling and marketing
(68,266)
196
(68,070)
General and administrative
(44,126)
552
(43,574)
Other operating income, net
1,271
–
1,271
Total operating income and expenses
(156,549)
660
(155,889)
Operating loss
(42,278)
779
(41,499)
Net loss attributable to Cheetah Mobile shareholders
(18,599)
779
(17,820)
Diluted losses per ordinary share (RMB)
(0.0129)
0.0006
(0.0123)
Diluted losses per ADS (RMB)
(0.6450)
0.0300
(0.6150)
* This represents amortization of intangible assets resulting from business acquisitions.
CHEETAH MOBILE INC.
Information about Segment
(Unaudited, amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”), except for percentage)
For The Three Months Ended March 31, 2024
Internet Business
AI and others
Unallocated*
Consolidated
RMB
RMB
RMB
RMB
USD
Revenue
109,020
81,268
–
190,288
26,354
Operating profit/(loss)
8,662
(81,649)
(7,585)
(80,572)
(11,160)
Operating margin
7.9 %
(100.5) %
–
(42.3) %
(42.3) %
For The Three Months Ended December 31, 2023
Internet Business
AI and others
Unallocated*
Consolidated
RMB
RMB
RMB
RMB
Revenue
107,711
59,603
–
167,314
Operating profit/(loss)
9,489
(63,004)
(7,430)
(60,945)
Operating margin
8.8 %
(105.7) %
–
(36.4) %
For The Three Months Ended March 31, 2023
Internet Business
AI and others
Unallocated*
Consolidated
RMB
RMB
RMB
RMB
Revenue
120,309
50,125
–
170,434
Operating profit/(loss)
3,755
(45,254)
(779)
(42,278)
Operating margin
3.1 %
(90.3) %
–
(24.8) %
*Unallocated expenses refer to SBC expenses that are not allocated to individual segments.
CHEETAH MOBILE INC.
Reconciliation from Net Income Attributable to Cheetah Mobile Shareholders to Adjusted EBITDA (Non-GAAP)
(Unaudited, amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))
For The Three Months Ended
March 31, 2023
December 31, 2023
March 31, 2024
March 31, 2024
RMB
RMB
RMB
USD
Net loss attributable to Cheetah Mobile shareholders
(18,599)
(301,211)
(80,035)
(11,086)
Add:
Income tax expenses/ (benefits)
178
(47,760)
198
27
Interest income, net
(12,342)
(15,829)
(15,316)
(2,121)
Depreciation and other amortization(1)
8,833
11,275
12,312
1,705
Net income attributable to noncontrolling interests
1,147
18
3,709
514
Other (income)/ expense, net
(12,662)
303,837
10,872
1,506
Share-based compensation
779
7,430
7,585
1,050
Amortization of intangible assets(2)
–
4,417
6,625
918
Adjusted EBITDA
(32,666)
(37,823)
(54,050)
(7,487)
(1) This represents depreciation and other amortization exclude amortization of intangible assets resulting from
business acquisitions.
(2) This represents amortization of intangible assets resulting from business acquisitions.
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SOURCE Cheetah Mobile
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On World Cleanup Day 2024, VIAIM’s Newly Launched Service Upgrade Provides Added Multilingual Support and Commitment to Environmental Goals, Helping to Shape a More Sustainable Future
Published
2 mins agoon
September 20, 2024By
SINGAPORE, Sept. 20, 2024 /PRNewswire/ — VIAIM, an AI technology hardware company deeply rooted in the smart office sector, is marking the inaugural World Cleanup Day 2024, which falls on September 20, with the official launch of a service package upgrade, reinforcing its dedication to both innovation and environmental responsibility.
This upgrade introduces Malay and Thai language support, expanding the total number of supported languages from 11 to 13. With these additions, VIAIM is taking another step towards making seamless cross-cultural communication more accessible, especially for users across Southeast Asia. At the same time, the Company continues to align its operations with sustainability efforts, lowering the usage threshold for customers and offering environmentally friendly solutions that contribute to a greener planet.
As part of VIAIM’s latest service package upgrade, users enjoy enhanced features designed to make their work and daily lives more efficient. These include free transcription and translation time, along with increased access to To-do List and Summary functions, providing customers with more comprehensive functionality at no additional cost.
These upgrades not only reflect the brand’s core philosophy of “user-first”, but also emphasize VIAIM’s commitment to continuously enhancing user experiences. Now, users can manage tasks more effectively, saving time and reducing the need for additional services, making their workflow more streamlined and productive.
Beyond product and service innovations, VIAIM remains committed to its environmental goals, aligning with global best practices in environmental, social, and governance (ESG) initiatives. VIAIM believes that, just as its users seek to improve their daily lives through technology, the company must contribute to a better world for future generations.
VIAIM is fully committed to environmental protection and sustainable development through its use of molded pulp, an environmentally friendly material for packaging while maintaining a laser focus on technology upgrades that reflect its customer-centric philosophy. The company utilizes molded pulp, an eco-friendly packaging material, to minimize environmental impact, while its smart office solutions contributes to a paperless workplace, further reducing waste. This dual focus on customer convenience and sustainability enhances the overall value that VIAIM delivers to its global customer base.
“Innovation serves as a breakthrough in technology and is also a cornerstone of environmental and social responsibility,” said TOM, Product Manager of VIAIM. “With our latest service upgrades, we not only improve the user experience but also make it easier for our customers to participate in sustainable practices. By embracing these advancements, users can contribute to environmental preservation, while enjoying the benefits of advanced cross-language support and smarter office tools. VIAIM’s mission is to bridge technological innovation with social responsibility, inviting our customers to join us in creating a brighter, more sustainable future.”
About VIAIM
VIAIM is an innovative technology company in the consumer-goods sector. With a focus on versatile, multimodal interactions, we strive to provide effective solutions that meet users’ specific needs. By harnessing state-of-the-art technology, we bring our visionary ideals to life, helping people embrace the incredible possibilities the Company offers.
CONTACT:
Qian Wang
wangqian@vision-intelligence.tech
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SOURCE VIAIM
Technology
G42 Collaborates with NVIDIA to Deliver Next-Generation Climate Solutions Using Earth-2
Published
1 hour agoon
September 20, 2024By
ABU DHABI, UAE, Sept. 20, 2024 /PRNewswire/ — G42, a leader in AI and cloud computing, today announced that it is partnering with NVIDIA to advance climate technology with a focus on developing AI solutions aimed at dramatically enhancing the accuracy of weather forecasting globally.
The collaboration builds on NVIDIA’s Earth-2, an open platform that accelerates climate and weather predictions with interactive, AI-augmented, high-resolution simulation. G42 and NVIDIA will initially focus on a square-kilometer resolution weather forecasting model that improves the accuracy of meteorological predictions.
Key to this initiative is the establishment of a new operational base and Climate Tech Lab in Abu Dhabi. This state-of-the-art facility will serve as a hub for research and development, driving forward both companies’ commitment to environmental sustainability. This facility will also mobilize the creation of tailored climate and weather solutions that leverage over 100 petabytes of geophysical data assets.
Peng Xiao, Group CEO of G42, said, “This initiative with NVIDIA is a testament to our commitment to applying AI in ways that not only innovate but also solve critical global challenges. Establishing the Earth-2 Climate Tech Lab in Abu Dhabi allows us to leverage our unique capabilities and insights to foster a sustainable future for the world.”
In addition to fostering innovation in climate technology, the initiative will focus on building a robust framework for integrating enhanced weather prediction capabilities with comprehensive data metrics and visualization. This will assist organizations worldwide in achieving their sustainability goals through well-informed, data-driven environmental strategies.
“Our collaboration with G42 marks a pivotal step toward harnessing AI to understand and predict climate phenomena with unprecedented accuracy,” said Jensen Huang, founder and CEO of NVIDIA. “The Earth-2 Climate Tech Lab will propel environmental solutions using the most advanced accelerated computing and AI technology to benefit millions of people around the world.”
By uniting G42’s AI expertise with NVIDIA’s computational acumen, this partnership aims to deliver transformative climate solutions that combine scientific accuracy with real-world applicability, driving impactful change across industries and ecosystems.
About G42
G42 is a technology holding group, a global leader in creating visionary artificial intelligence for a better tomorrow. Born in Abu Dhabi and operating worldwide, G42 champions AI as a powerful force for good across industries. From molecular biology to space exploration and everything in between, G42 realizes exponential possibilities, today.
To know more visit www.g42.ai.
Media contacts
Media and PR Team, G42
media@g42.ai
View original content:https://www.prnewswire.co.uk/news-releases/g42-collaborates-with-nvidia-to-deliver-next-generation-climate-solutions-using-earth-2-302253818.html
Technology
Kawasaki and CB&I Sign Strategic Collaborative Agreement for Promoting Commercial-Use Liquefied Hydrogen Supply Chain
Published
2 hours agoon
September 20, 2024By
HOUSTON, Sept. 19, 2024 /PRNewswire/ — Kawasaki Heavy Industries, Ltd. (Kawasaki) and CB&I, a wholly owned unrestricted subsidiary of McDermott, announced today their signing of a strategic agreement for promoting a commercial-use liquefied hydrogen (LH2) supply chain and realizing a zero-carbon-emission society. The signing ceremony took place at Gastech Exhibition & Conference in Houston on September 18, 2024.
“We are very pleased for this opportunity to build and launch a commercial liquefied hydrogen supply chain in cooperation with CB&I,” said Motohiko Nishimura, President, Energy Solutions & Marine Engineering Company, Kawasaki Heavy Industries, Ltd. “By taking advantage of both companies’ strengths and specialized know-how, we aim to cost down hydrogen, strengthen hydrogen supply chain competitiveness, and accelerate the transition to a zero-carbon society.”
Both companies will use their specialized know-how to provide infrastructure that will enable commercial-scale international LH2 supply chains in order to help achieve carbon-neutrality. By leveraging our combined expertise to deliver large-scale LH2 infrastructure solutions, CB&I and Kawasaki are removing barriers, driving down costs and enhancing scalability across the entire supply chain.
“This strategic partnership represents a significant advancement in liquid hydrogen storage capabilities,” said Mark Butts, Senior Vice President of CB&I. “Our technical expertise and extensive experience in liquid hydrogen storage position us at the forefront of the energy transition, delivering reliable storage solutions and executing projects worldwide with proven success.”
Under this agreement, the companies will provide infrastructure to advance the global realization of a sustainable energy economy and meet decarbonization targets. This collaboration will reduce LH2 infrastructure costs and contribute to more widespread use of this clean and efficient energy source.
About CB&I
CB&I is the world’s leading designer and builder of storage facilities, tanks, and terminals. With more than 60,000 structures completed throughout its 130-year history, CB&I has the global expertise and strategically located operations to provide its customers world-class storage solutions for even the most complex energy infrastructure projects. CB&I is a wholly owned unrestricted subsidiary of McDermott. To learn more, visit www.cbi.com.
About McDermott
McDermott is a premier, fully-integrated provider of engineering and construction solutions to the energy industry. Our customers trust our technology-driven approach engineered to responsibly harness and transform global energy resources into the products the world needs. From concept to commissioning, McDermott’s innovative expertise and capabilities advance the next generation of global energy infrastructure—empowering a brighter, more sustainable future for us all. Operating in over 54 countries, McDermott’s locally-focused and globally-integrated resources include more than 30,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. To learn more, visit www.mcdermott.com.
About Kawasaki Heavy Industries, Ltd.
Kawasaki Heavy Industries, Ltd. is general engineering manufacturer with over 125 years of experience manufacturing products spanning land, sea and air. Kawasaki established the Kawasaki Group’s new vision statement, “Group Vision 2030: Trustworthy Solutions for the Future,” and is focusing on three fields, “A Safe and Secure Remotely-Connected Society,” “Near-Future Mobility,” and “Energy and Environmental Solutions” in order to provide solutions for social issues. For “Energy and Environmental Solutions” in particular, by securing the technology necessary for the entire supply chain (for production, transportation, storage and utilization) ahead of the rest of the world, Kawasaki aims to bring about a society that utilizes hydrogen, the ultimate clean energy that emits no carbon dioxide when used. To learn more, visit https://global.kawasaki.com/en.
Forward-Looking Statements
McDermott cautions that statements in this communication which are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties. These forward-looking statements include, among other things, statements about the expected benefits from the collaboration agreement discussed in this press release. Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: adverse changes in the markets in which we operate or credit or capital markets; our inability to successfully execute on contracts in backlog; changes in project design or schedules; the availability of qualified personnel; changes in the terms, scope or timing of contracts, contract cancellations, change orders and other modifications and actions by our customers and other business counterparties; changes in industry norms; actions by lenders, other creditors, customers and other business counterparties of McDermott and adverse outcomes in legal or other dispute resolution proceedings. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. You should not place undue reliance on forward-looking statements. This communication reflects the views of McDermott’s management as of the date hereof. Except to the extent required by applicable law, McDermott undertakes no obligation to update or revise any forward-looking statement.
For media inquiries, please use the contact information below:
Reba Reid
Global Media Relations
+1 281 588 5636
RReid@McDermott.com
Kristi Krupala-Grove
CB&I Media Relations
+1 346 313 9636
KKrupala2@mcdermott.com
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SOURCE McDermott International, Ltd
On World Cleanup Day 2024, VIAIM’s Newly Launched Service Upgrade Provides Added Multilingual Support and Commitment to Environmental Goals, Helping to Shape a More Sustainable Future
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