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SHANGHAI, China, March 04, 2021 (GLOBE NEWSWIRE) -- Qutoutiao Inc. (“Qutoutiao”, the “Company” or “We”) (NASDAQ: QTT), a leading operator of mobile content platforms in China, today announced its unaudited financial results in the fourth quarter and fiscal year ended December 31, 2020. Fourth Quarter 2020 Highlights Net revenues decreased 21.5% year-over-year to RMB1,302.4 million (US$199.6 million), while increased by 15.3% quarter-over-quarter from RMB1,130.0 million in the previous quarter, and was above the high end of the Company’s guided range.Net loss was RMB81.8 million (US$12.5 million), compared to net loss of RMB551.4 million in the fourth quarter of 2019 and net loss of RMB269.4 million in the third quarter of 2020. Net loss margin was 6.3%, compared to 33.2% in the fourth quarter of 2019 and 23.8% in the third quarter of 2020.Non-GAAP net profit1 was RMB50.8 million (US$7.8 million), compared to non-GAAP net loss of RMB470.2 million in the fourth quarter of 2019 and non-GAAP net loss of RMB131.4 million in the third quarter of 2020. Non-GAAP net profit margin was 3.9%, compared to non-GAAP net loss margin of 28.4% in the fourth quarter of 2019 and non-GAAP loss margin of 11.6% in the third quarter of 2020.Combined average MAUs2 were 124.7 million, representing a decrease of 9.6% from 137.9 million in the fourth quarter of 2019, compared to 120.5 million in the previous quarter.Combined average DAUs3 were 32.3 million, representing a decrease of 29.4% from 45.7 million in the fourth quarter of 2019, compared to 39.7 million in the previous quarter.Average daily time spent per DAU was 50.3 minutes, compared to 59.4 minutes in the fourth quarter of 2019 and 55.3 minutes in the previous quarter. Mr. Eric Siliang Tan, Chairman and Chief Executive Officer of Qutoutiao, commented, “Through dedication and innovation, we have come through a year of unprecedented uncertainty and changes in the marketplace, we are very pleased to be able to put our business on a much firmer footing and to grow profitably from here.” Mr. Xiaolu Zhu, Chief Financial Officer of Qutoutiao, added, “As the business has achieved breakeven as a result of our strategic initiatives and prudent financial management, we are encouraged by the results of our consistent effort and focus on creating shareholder value and running a lean operation, and will continue to execute our strategies effectively and efficiently going forward.” Fourth Quarter 2020 Financial Results Net revenues in the fourth quarter of 2020 were RMB1,302.4 million (US$199.6 million), a decrease of 21.5% from RMB1,658.4 million in the fourth quarter of 2019, and an increase of 15.3% from RMB1,130 million in the previous quarter. Advertising and marketing revenues were RMB1,241.9 million (US$190.3 million) in the fourth quarter of 2020, a decrease of 21.8% from RMB1,588.5 million in the fourth quarter of 2019, primarily due to the Company’s strategy to prioritise optimizing operational efficiency and financial health. We have paid closer attention to the quality and the profile of our user base, rather than the absolute size or growth of it. As a result, we have generated better profitability and cash flows despite the comparatively reduced revenue base. Other revenues were RMB60.5 million (US$9.3 million) in the fourth quarter of 2020, a decrease of 13.5% from RMB69.9 million in the fourth quarter of 2019. The decrease was primarily due to the decrease in revenues from live-streaming and online games. Cost of revenues were RMB441.7 million (US$67.7 million) in the fourth quarter of 2020, a decrease of 12.3% from RMB503.9 million in the fourth quarter of 2019, primarily attributable to the decreases in bandwidth, IT infrastructure costs, and salaries and benefits associated with content management personnel; the decrease was partially offset by an increase in content procurement costs due to the Company’s ongoing investment in improving content quality. Gross profit was RMB860.7 million (US$131.9 million) in the fourth quarter of 2020, a decrease of 25.4% from RMB1,154.5 million in the fourth quarter of 2019. Gross margin was 66.1%, compared to 69.6% in the fourth quarter of 2019. The decrease of gross margin was mainly due to the increase in content procurement costs. Research and development expenses were RMB199.7 million (US$30.6 million) in the fourth quarter of 2020, a decrease of 30.6% from RMB287.9 million in the fourth quarter of 2019 primarily due to a reduction in overall research and development headcount. Sales and marketing expenses were RMB680.3 million (US$104.3 million) in the fourth quarter of 2020, a decrease of 50.3% from RMB1,367.7 million in the fourth quarter of 2019. Sales and marketing expenses as a percentage of net revenues were 52.2% in the fourth quarter of 2020, compared to 82.5% in the fourth quarter of 2019 and 62.1% in the third quarter of 2020. User engagement expenses were RMB163.2 million (US$25.0 million) in the fourth quarter of 2020, compared to RMB571.4 million in the fourth quarter of 2019, a decrease of 71.4% year-over-year and a decrease of 38.3% quarter-over-quarter. User engagement expenses per DAU per day were RMB0.05 in the fourth quarter of 2020, compared to RMB0.14 in the fourth quarter of 2019 and RMB0.07 in the third quarter of 2019. The decrease of user engagement expenses was primarily due to the Company’s ongoing efforts in optimizing user engagement expenses for its loyalty program, as well as the enhanced content algorithm facilitated by the Company’s AI platform that aims to match the content much more precisely with users’ personalized needs. User acquisition expenses were RMB397.1 million (US$60.9 million) in the fourth quarter of 2020, a decrease of 41.7% year-over-year and a slight increase of 2.9% quarter-over-quarter. User acquisition expenses consist of the costs of both word-of-mouth referrals and third-party marketing. The year-over-year decrease was mainly due to a decrease in the cost of word-of-mouth referrals and the Company’s more efficient spending in third-party channels; the quarter-over-over increase was primarily due to the growing investment in Midu Novels’ user base. User acquisition expenses per new installed user4 in the fourth quarter of 2020 were RMB7.89, compared to RMB5.73 in the third quarter of 2020 and RMB5.54 in the fourth quarter of 2019. Other sales and marketing expenses were RMB119.9 million (US$18.4 million) in the fourth quarter of 2020, slightly increased 3.9% year-over-year from RMB115.5 million in the fourth quarter of 2019. General and administrative expenses were RMB94.4 million (US$14.5 million) in the fourth quarter of 2020, an increase of 51.3% from RMB62.4 million in the fourth quarter of 2019, mainly due to an increase in share-based compensation as the Company keeps incentivising its loyal employees. Loss from operations was RMB90.1 million (US$13.8 million) in the fourth quarter of 2020, compared to RMB555.8 million in the fourth quarter of 2019. Operating loss margin was 6.9%, compared to 33.5% in the fourth quarter of 2019. Non-GAAP profit from operations was RMB42.5 million (US$6.5 million) in the fourth quarter of 2020, compared to a non-GAAP loss from operations of RMB474.6 million in the fourth quarter of 2019. Non-GAAP operating profit margin was 3.3%, compared to non-GAAP operating loss margin of 28.6% in the fourth quarter of 2019. Net loss was RMB81.8 million (US$12.5 million), compared to net loss of RMB551.4 million in the fourth quarter of 2019. Net loss margin was 6.3%, compared to 33.2% in the fourth quarter of 2019. Non-GAAP net profit was RMB50.8 million (US$7.8 million), compared to non-GAAP net loss of RMB470.2 million in the fourth quarter of 2019. Non-GAAP net profit margin was 3.9%, compared to a Non-GAAP loss margin of 28.4% in the fourth quarter of 2019. Net loss attributable to Qutoutiao Inc.'s ordinary shareholders was RMB78.7 million (US$12.1 million) in the fourth quarter of 2020, compared to RMB562.8 million in the fourth quarter of 2019. Non-GAAP net profit attributable to Qutoutiao Inc.'s ordinary shareholders was RMB54.0 million (US$8.3 million) in the fourth quarter of 2020, compared to a Non-GAAP net loss attributable to Qutoutiao Inc.’s ordinary shareholders of RMB481.7 million in the fourth quarter of 2019. Basic and diluted net loss per American Depositary Share (“ADS”) was RMB0.26 (US$0.04) in the fourth quarter of 2020. Non-GAAP basic and diluted net profit per ADS was RMB0.18 (US$0.03) in the fourth quarter of 2020. Each four ADSs represent one Class A ordinary share of the Company. Balance Sheet As of December 31, 2020, the Company had cash, cash equivalents, restricted cash and short-term investments of RMB985.8 million (US$151.1 million), compared to RMB514.2 million as of September 30, 2020. The increase in cash, cash equivalents, restricted cash and short-term investments was primarily due to a new round of financing for one of our subsidiaries. Cash flow generated from operating activities during the fourth quarter of 2020 was RMB39.3 million. While the Company’s liquidity position has been improved compared to the prior quarter, the Convertible Loan which the Company issued to Alibaba in March 2019, with principal amounting to US$171.1 million will mature on April 4, 2022. Fiscal Year 2020 Financial Results Net revenues in the fiscal year of 2020 were RMB5,285.2 million (US$810.0 million), a decrease of 5.1% from RMB5,570.1 million in the fiscal year of 2019. Advertising and marketing revenues were RMB5,046.8 million (US$773.5 million) in the fiscal year of 2020, a slight decrease of 6.8% from RMB5,415.3 million in the prior year, primarily due to the Company’s strategy to balance operational efficiency and sustainable growth. Other revenues were RMB238.4 million (US$36.5 million) in the fiscal year of 2020, an increase of 54.0% from RMB154.8 million in the fiscal year of 2019, primarily due to the increase of revenues from live-streaming, and, to a lesser extent, revenues from Midu’s membership services and online game services. Cost of revenues was RMB1,674.4 million (US$256.6 million) in the fiscal year of 2020, a slight increase of 2.1% from RMB1,640.6 million in the fiscal year of 2019, primarily attributable to increases in content procurement costs and costs related to revenue-sharing arrangements with content providers such as game developers; the increase was partially offset by the decreases in bandwidth and IT infrastructure costs, salaries and benefits associated with content management personnel. Gross profit was RMB3,610.8 million (US$553.4 million) in the fiscal year of 2020, a decrease of 8.1% from RMB3,929.4 million in the prior year. Gross margin was 68.3%, compared to 70.5% in the fiscal year of 2019. Research and development expenses were RMB947.9 million (US$145.3 million) in the fiscal year of 2020, a slight increase of 2.3% from RMB926.2 million in the prior year, primarily due to the increase in share-based compensation while partially offset by the decrease in salaries and benefits. Sales and marketing expenses were RMB3,381.6 million (US$518.2 million) in the fiscal year of 2020, a decrease of 38.4% from RMB5,489.7 million in the fiscal year of 2019, primarily due to decreases in user acquisition expenses and user engagement expenses, as the Company continuously optimizes its loyalty program and traffic acquisition strategy. General and administrative expenses were RMB392.8 million (US$60.2 million) in the fiscal year of 2020, an increase of 47.1% from RMB267.0 million in the fiscal year of 2019. The increase was mainly due to the the increase in bad-debt provision for account receivables as we adopted ASC-326, Measurement of Credit Losses on Financial Instruments, effective January 1, 2020; and, to a less extent, the increase in share-based compensations. Loss from operations was RMB1,032.2 million (US$158.2 million), compared to RMB2,723.2 million in the fiscal year of 2019. Operating loss margin was 19.5%, compared to 48.9% in the fiscal year of 2019. Loss from operations has been significantly narrowed due to the Company’s endeavors in improving operational efficiency as well as sustainable growth. Non-GAAP loss from operations was RMB569.0 million (US$87.2million), compared to RMB2,451.3 million in the fiscal year of 2019. Non-GAAP operating loss margin was 10.8%, compared to non-GAAP operating loss margin of 44.0% in the fiscal year of 2019. Net loss was RMB1,105.2 million (US$169.4 million) in the fiscal year of 2020, compared to a net loss of RMB2,689.3 million in the fiscal year of 2019. Net loss margin was 20.9%, compared to 48.3% in the fiscal year of 2019. Non-GAAP net loss was RMB642.0 million (US$98.4 million), compared to Non-GAAP net loss of RMB2,417.3 million in the fiscal year of 2019. Non-GAAP net loss margin was 12.1%, compared to 43.4% in the fiscal year of 2019. Net loss attributable to Qutoutiao Inc.'s ordinary shareholders was RMB1,137.9 million (US$174.4 million), compared to RMB2,709.2 million in the fiscal year of 2019. Non-GAAP net loss attributable to Qutoutiao Inc.'s ordinary shareholders was RMB674.7 million (US$103.4 million), compared to RMB2,437.3 million in the fiscal year of 2019. Recent Developments Qutoutiao's subsidiary holding the operations of Midu Novels and Midu Lite (collectively, "Midu") entered into definitive agreements with certain unaffiliated investors (the "Investors") in December, 2020. Pursuant to these agreements, the Investors agreed to invest a total of around USD110 million into Midu. The transaction will be phased and we expect the deal to be fully completed in the second half of 2021. We will continue to be the controlling shareholder of Midu after the completion of the transaction. Business Outlook For the first quarter of 2021, the Company expects group net revenues to be between RMB 1,250 million to RMB 1,300 million. Conference Call Qutoutiao’s management will host an earnings conference call at 7:00 A.M. U.S. Eastern Time on Thursday, March 4, 2021 (8:00 PM Beijing/Hong Kong time on March 4, 2021).Please register in advance of the conference call using the link provided below. Upon registering, you will be provided with participant dial-in numbers, Direct Event passcode and unique registrant ID by email. Preregistration InformationParticipants can register for the conference call by navigating to http://apac.directeventreg.com/registration/event/5221359 at least 15 minutes prior to the scheduled call start time.Please dial-in at least 10 minutes before the scheduled start time of the earnings call and enter the Direct Event Passcode and Registrant ID as instructed to connect to the call.A replay of the conference call will be accessible approximately two hours after the conclusion of the call until 7:59 A.M. U.S Eastern Time on March 11, 2020, by dialing the following telephone numbers: United States:+1-646-254-3697International:+61-2-8199-0299Hong Kong :+852-3051-2780China:400-632-2162Replay Access Code:5221359 About Qutoutiao Inc. Qutoutiao Inc. operates innovative and fast-growing mobile content platforms in China with a mission to bring fun and value to its users. The eponymous flagship mobile application, Qutoutiao, meaning “fun headlines” in Chinese, applies artificial intelligence-based algorithms to deliver customized feeds of articles and short videos to users based on their unique profiles, interests and behaviors. Qutoutiao has attracted a large group of loyal users, many of whom are from lower-tier cities in China. They enjoy Qutoutiao’s fun and entertainment-oriented content as well as its social-based user loyalty program. Launched in May 2018, Midu Novels is a pioneer in offering free literature supported by advertising and has grown rapidly to become a leading player in the online literature industry. The Company will continue to bring more exciting products to users through innovation, and strive towards creating a leading global online content ecosystem. For more information, please visit: https://ir.qutoutiao.net. Use of Non-GAAP Financial Measures We use non-GAAP profit or loss from operations, non-GAAP operating profit or loss margin, non-GAAP net profit loss, non-GAAP net profit or loss margin, non-GAAP net profit or loss attributable to Qutoutiao Inc.’s ordinary shareholders and non-GAAP basic and diluted net profit or loss per ADS, which are non-GAAP financial measures, in evaluating our operating results and for financial and operational decision-making purposes. Each of these non-GAAP financial measures represents the corresponding GAAP financial measure before share-based compensation expenses. We believe that such non-GAAP financial measures help identify underlying trends in our business that could otherwise be distorted by the effect of such share-based compensation expenses that we include in cost of revenues, total operating expenses and net loss. We believe that all such non-GAAP financial measures also provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making. The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. They should not be considered in isolation or construed as alternatives to net loss or any other measure of performance prepared in accordance with U.S. GAAP or as an indicator of our operating performance. We mitigate these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating our performance. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.5250 to US$1.00, the rate in effect as of December 31, 2020 as set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States 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. Statements that are not historical facts, including statements about Qutoutiao's beliefs, plans and expectations, are forward-looking statements. Among other things, the “Business Outlook” section and quotations from management in this announcement, contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Qutoutiao’s strategies; Qutoutiao’s future business development, financial condition and results of operations; Qutoutiao’s ability to retain and increase the number of users and provide quality content; competition in the mobile content platform industry; Qutoutiao’s ability to manage its costs and expenses; the future developments of the COVID-19 outbreak; general economic and business conditions globally and in China; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Qutoutiao's filings with the SEC. All information provided in this press release is as of the date of this press release, and Qutoutiao does not undertake any obligation to update any forward-looking statement, except as required under applicable law. For investor and media inquiries, please contact: Qutoutiao Inc.Investor RelationsTel: +86-21-6858-3790E-mail: ir@qutoutiao.net QUTOUTIAO INC.UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(All amounts in RMB, or otherwise noted) As of December 31,As of December 31, 20192020 RMBRMBASSETS Current assets: Cash and cash equivalents347,817,093 494,474,891 Restricted cash27,871,552 100,315,940 Short-term investments1,276,830,926 391,033,374 Accounts receivable, net526,822,932 737,789,173 Amount due from related parties278,155,878 383,594,360 Prepayments and other current assets234,728,386 365,108,503 Total current assets2,692,226,767 2,472,316,241 Non-current assets: Accounts receivables, non-current- 54,638,516 Long-term Investments37,589,200 82,888,709 Property and equipment, net24,115,374 17,212,799 Intangible assets88,943,679 83,122,972 Goodwill7,268,330 7,268,330 Right-of-use assets, net69,241,754 50,318,882 Other non-current assets20,811,791 148,091,140 Total non-current assets247,970,128 443,541,348 Total assets2,940,196,895 2,915,857,589 LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND SHAREHOLDERS’ EQUITY Current liabilities: Short-term borrowings- 70,000,000 Accounts payable328,268,752 448,980,738 Amount due to a related party3,436,586 22,476,683 Registered users’ loyalty payable134,145,439 72,626,546 Advance from customers and deferred revenue246,630,128 140,776,350 Salary and welfare payable129,169,734 149,703,938 Tax payable118,156,494 97,143,585 Lease liabilities, current38,210,188 20,760,421 Accrued liabilities related to users’ loyalty programs89,184,947 100,087,815 Accrued liabilities and other current liabilities788,495,442 763,434,272 Total current liabilities1,875,697,710 1,885,990,348 Lease liabilities, non-current26,651,446 23,755,721 Convertible loan1,218,905,676 1,174,867,883 Deferred tax liabilities21,228,656 18,825,416 Other non-current liabilities7,212,463 4,255,931 Non-current liabilities1,273,998,241 1,221,704,951 Total liabilities3,149,695,951 3,107,695,299 Total redeemable non-controlling interests495,844,565 1,093,526,058 Shareholders’ deficit Ordinary shares44,651 46,817 Treasury stock(142,228,779)(142,228,779)Additional paid-in capital4,321,100,861 4,784,314,735 Accumulated other comprehensive income(17,934,525)84,319,590 Accumulated deficit(4,862,464,162)(6,007,226,873)Total Qutoutiao Inc. shareholders’ deficit(701,481,954)(1,280,774,510)Non-controlling interests(3,861,667)(4,589,258)Total deficit(705,343,621)(1,285,363,768) Total liabilities, redeemable non-controlling interests and shareholders’ deficit2,940,196,895 2,915,857,589 QUTOUTIAO INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (All amounts in RMB, except ADS data, or otherwise noted) For the three months ended For the fiscal year ended December 31September 30December 31 December 31December 31 2019 2020 2020 2019 2020 RMBRMBRMB RMBRMB Advertising and marketing revenues1,588,520,968 1,062,766,624 1,241,937,710 5,415,320,542 5,046,834,733 Other revenues69,853,793 67,245,213 60,453,505 154,760,062 238,360,290 Net revenues1,658,374,761 1,130,011,837 1,302,391,215 5,570,080,604 5,285,195,023 Cost of revenues(503,910,866)(371,755,415)(441,690,570) (1,640,632,056)(1,674,416,148) Gross profit1,154,463,895 758,256,422 860,700,645 3,929,448,548 3,610,778,875 Operating expenses: Research and development expenses(287,929,828)(243,118,815)(199,688,448) (926,231,578)(947,870,809)Sales and marketing expenses(1,367,748,322)(701,460,094)(680,260,528) (5,489,707,876)(3,381,560,531)General and administrative expenses(62,382,900)(85,458,868)(94,388,918) (267,033,100)(392,815,316)Total operating expenses(1,718,061,050)(1,030,037,777)(974,337,894) (6,682,972,554)(4,722,246,656) Other operating income7,820,380 23,845,671 23,545,402 30,292,356 79,298,306 Loss from Operations(555,776,775)(247,935,684)(90,091,847) (2,723,231,650)(1,032,169,475) Investment income/ (expenses), net- (14,267,237)19,990,057 6,327,104 (31,788,048)Interest income (expense), net7,019,198 (7,958,690)(9,452,396) 21,562,152 (27,724,090)Foreign exchange related gains, net(1,720,870)(2,815,634)(1,570,785) 1,868,497 (7,183,462)Other gains/(loss), net5,760,906 1,457,194 (1,032,721) 9,048,926 (7,308,728)Non-operating income (loss)11,059,234 (23,584,367)7,934,155 38,806,679 (74,004,328) Loss before provision for income taxes(544,717,541)(271,520,051)(82,157,692) (2,684,424,971)(1,106,173,803)Income tax benefits/ (expense), net(6,645,309)2,081,351 349,080 (4,842,876)1,007,370 Net loss(551,362,850)(269,438,700)(81,808,612) (2,689,267,847)(1,105,166,433) Net loss attributable to non-controlling interests149,190 161,178 250,212 587,142 727,592 Net loss attributable to Qutoutiao Inc.(551,213,660)(269,277,522)(81,558,400) (2,688,680,705)(1,104,438,841) Accretion to convertible redeemable preferred shares redemption value(11,626,847)(12,153,937)(11,942,181) (20,548,032)(48,276,771)Gains on repurchase of preferred shares- - 14,841,680 - 14,841,680 Deemed dividend to preferred shareholders- - - - - Net loss attributable to Qutoutiao Inc.’s ordinary shareholders(562,840,507)(281,431,459)(78,658,901) (2,709,228,737)(1,137,873,932) Net loss (551,362,850)(269,438,700)(81,808,612) (2,689,267,847)(1,105,166,433)Other comprehensive loss/(income): Foreign currency translation adjustment, net of nil tax4,967,592 50,224,481 67,967,476 (1,505,650)102,254,115 Total comprehensive loss(546,395,258)(219,214,219)(13,841,136) (2,690,773,497)(1,002,912,318)Comprehensive loss attributable to non-controlling interests149,190 161,178 250,212 587,142 727,592 Comprehensive loss attributable to Qutoutiao Inc.(546,246,068)(219,053,041)(13,590,924) (2,690,186,355)(1,002,184,726) Net loss per ADS (1 Class A ordinary share equals 4 ADSs): — Basic and diluted(2.00)(0.96)(0.26) (9.85)(3.92) Weighted average number of ADS used in computing basic and diluted earnings per ADS: — Basic282,003,344 292,990,440 297,045,912 274,999,924 290,052,308 — Diluted282,003,344 292,990,440 297,045,912 274,999,924 290,052,308 QUTOUTIAO INC.Reconciliation of GAAP And Non-GAAP Results(All amounts in RMB, except ADS data, or otherwise noted) For the three months ended For the fiscal year ended December 31September 30December 31 December 31December 31 2019 2020 2020 2019 2020 RMBRMB RMBRMB Loss from Operations(555,776,775)(247,935,684)(90,091,847) (2,723,231,650)(1,032,169,475)Add: Share-based compensation expenses Cost of revenues1,790,820 4,361,030 1,982,055 6,190,081 12,904,493 General and administrative15,708,832 49,065,733 44,713,522 81,954,802 159,319,705 Sales and marketing14,576,137 22,104,231 39,252,233 45,041,278 86,656,267 Research and development49,071,905 62,473,011 46,669,180 138,792,333 204,333,409 Non-GAAP Profit / (Loss) from Operations(474,629,081)(109,931,679)42,525,143 (2,451,253,156)(568,955,601) Net loss(551,362,850)(269,438,700)(81,808,612) (2,689,267,847)(1,105,166,433)Add: Share-based compensation expenses Cost of revenues1,790,820 4,361,030 1,982,055 6,190,081 12,904,493 General and administrative15,708,832 49,065,733 44,713,522 81,954,802 159,319,705 Sales and marketing14,576,137 22,104,231 39,252,233 45,041,278 86,656,267 Research and development49,071,905 62,473,011 46,669,180 138,792,333 204,333,409 Non-GAAP net profit / (loss)(470,215,156)(131,434,695)50,808,378 (2,417,289,353)(641,952,559) Net loss attributable to Qutoutiao Inc.(551,213,660)(269,277,522)(81,558,400 ) (2,688,680,705)(1,104,438,841)Add: Share-based compensation expenses Cost of revenues1,790,820 4,361,030 1,982,055 6,190,081 12,904,493 General and administrative15,708,832 49,065,733 44,713,522 81,954,802 159,319,705 Sales and marketing14,576,137 22,104,231 39,252,233 45,041,278 86,656,267 Research and development49,071,905 62,473,011 46,669,180 138,792,333 204,333,409 Non-GAAP net profit / (loss) attributable to Qutoutiao Inc.(470,065,966)(131,273,517)51,058,590 (2,416,702,211)(641,224,967) Net loss attributable to Qutoutiao Inc.’s ordinary shareholders(562,840,507)(281,431,459)(78,658,901) (2,709,228,737)(1,137,873,932)Add: Share-based compensation expenses Cost of revenues1,790,820 4,361,030 1,982,055 6,190,081 12,904,493 General and administrative15,708,832 49,065,733 44,713,522 81,954,802 159,319,705 Sales and marketing14,576,137 22,104,231 39,252,233 45,041,278 86,656,267 Research and development49,071,905 62,473,011 46,669,180 138,792,333 204,333,409 Non-GAAP Net profit / (loss) attributable to Qutoutiao Inc.’s ordinary shareholders(481,692,813)(143,427,454)53,958,089 (2,437,250,243)(674,660,058) Non-GAAP net profit / (loss) per ADS (1 Class A ordinary share equals 4 ADSs): — Basic and diluted(1.71)(0.49)0.18 (8.86)(2.33) Weighted average number of ADS used in computing basic and diluted earnings per ADS — Basic282,003,344 292,990,440 297,045,912 274,999,924 290,052,308 — Diluted282,003,344 292,990,440 300,659,508 274,999,924 290,052,308 QUTOUTIAO INC.Supplementary Operating Information(RMB in millions, or otherwise noted) For the three months ended December 31March 31June 30September 30 December 31 20192020202020202020Net revenues 1,658.41,411.81,441.01,130.01,302.4 User engagement expenses5571.4507.5457.2264.7163.2User acquisition expenses6680.9502.0435.7385.9397.1Other sales and marketing expenses115.565.132.550.9119.9 Total sales and marketing expenses1,367.71,074.5925.3701.5680.3 Combined Average MAUs (in millions)137.9138.3136.5120.5124.7Combined Average DAUs (in millions)45.745.643.039.732.3New installed users (in millions)123.0109.2132.267.350.3 Average net revenues per DAU per day (RMB)0.390.340.370.310.44User engagement expenses per DAU per day (RMB)0.140.120.120.070.05User acquisition expenses per new installed user (RMB)5.544.603.305.737.89 ___________________________ 1 For more information on the non-GAAP financial measures, see the section entitled “Use of Non-GAAP Financial Measures” below and the table captioned “Reconciliation of GAAP And Non-GAAP Results” set forth at the end of this press release.2 “MAUs” refers to the number of unique mobile devices that accessed our relevant mobile application in a given month. “Combined average MAUs” for a particular period is the average of the MAUs for all of our mobile applications in each month during that period;3 “DAUs” refers to the number of unique mobile devices that accessed our relevant mobile application on a given day. “Combined average DAUs” for a particular period is the average of the DAUs for all of our mobile applications on each day during that period;4 “New installed user” refers to the aggregate number of unique mobile devices that have downloaded and launched our relevant mobile applications at least once.5 We offer loyalty program for registered users of our mobile applications to enhance user engagement and loyalty and incentivise word-of-mouth referrals. “User engagement expenses” refer to the cost of loyalty points associated with taking specific actions, such as viewing and sharing of content, that encourage engagement and retention on our mobile applications. Such expenses are recognized as part of sales and marketing expenses in the consolidated statements of operations. “User engagement expenses per average DAUs per day” refer to such expenses incurred on an average DAU per day during a particular period.6 “User acquisition expenses” refer to the sum of the cost of loyalty points associated with referring new users to register on our mobile applications and the cost of third-party advertising and marketing of our mobile applications. Such expenses are recognized as part of sales and marketing expenses in the consolidated statements of operations. “User acquisition expenses per new installed user” refer to the average cost of acquiring a new installed user from both word-of-mouth referrals and third-party channels.
Think tank warns part of Sunak's budget measures will potentially widen inequality hit basic benefit levels for millions.
The former Coronation Street star says he was tired of being rejected for roles and of online trolls.
THE HAGUE, Netherlands — A Dutch court ruled Thursday that a deeply religious father who kept some of his children isolated from the outside world for years in a remote farmhouse can't stand trial on charges including child sexual abuse because he has been incapacitated by a stroke. The decision came after prosecutors last month asked the court in the northern city of Assen to drop the case because the 68-year-old suspect wasn't fit to stand trial. It brings to an end a case that made headlines around the world after one of the man's sons raised the alarm and authorities discovered the father had been living for years with six of his children in the farmhouse in the eastern Netherlands. At a preliminary hearing in January last year, prosecutors portrayed the father, identified only as Gerrit Jan van D., as a deeply religious man who saw his family as “chosen by God” and did everything in his power — including physical beatings and other punishments — to keep them from succumbing to what he considered malign outside influences. The court ruled Thursday that a 2016 stroke had so badly affected the father's ability to communicate that continuing with the case would breach his fair trial rights. “He doesn't sufficiently understand what is happening in the courtroom,” court spokesman Marcel Wolters said in a video statement. The six children who were kept on the farm are now all young adults. Three older siblings had earlier left the family’s isolated life. Their mother died in 2004. The Associated Press
Harvey Barnes, Jonny Evans, Ayoze Perez, Dennis Praet, James Maddison, James Justin and Wes Morgan are all injured.
The "Europe Organoids Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Type; Application; Source" report has been added to ResearchAndMarkets.com's offering.
Can you imagine living comfortably on $15,000 to $30,000 in annual retirement income? Here are some steps to take in order to beat the market -- which has, by the way, averaged annual returns close to 10% over very long periods. Before we even get to investing in stocks, are you ready to do so?
Dublin, March 04, 2021 (GLOBE NEWSWIRE) -- The "5G MVNO Market by Technology, Infrastructure, Applications, Services and Solutions 2021 - 2026" report has been added to ResearchAndMarkets.com's offering This report assesses the impact of 5G capabilities in terms of MVNO applications, services, and solutions. This includes the scope to realize new business models, particularly in the B2B arena. This 5G MVNO market report also evaluates infrastructure and enabling technologies in support of new anticipated purpose-built networks and services such as IoT-specific,data-only, and fixed wireless-oriented MVNOs. The report also analyzes the MVNO ecosystem including MVNEand MVNA companies and services. The report includes an assessment of potential new 5G MVNO solutions. It also provides an analysis of the services and strategy of leading MVNO, MVNA, and MVNE companies with forecasts from 2021 to 2026. The commercial deployment of 5G will facilitate many new and enhanced applications and services. It will also facilitate an emerging 5G MVNOopportunity that will enable existing players to improve and enhance their services as well as create opportunities for completely new purpose-built MVNOs, focused primarily on Business-to-Business (B2B) services. Many of these B2B services will leverage unique capabilities introduced with 5G technology. For example, 5G will facilitate a significant expansion of the Internet of Things (IoT) operations for cellular-based MobileNetwork Operators (MNO). 5G enabled IoT WAN networks will support massive machine-type communications, providing substantially greater operational scalability for IoT services. With this expansion, MNO hosts will have the scalability to support a variety of IoT-focused 5G MVNO market players that offer IoT services on a B2B basis within many different industry verticals. The report covers many of these companies, strategies, services, and solutions. The introduction of 5G will enable many existing MVNOs to expand current consumer-focused services by way of a new enhanced mobile broadband. Consumer applications and services in this area include Web browsing, video, mobile office, and connected vehicles. However, the 5G MVNOmarket will be punctuated by a robust 5G business services market, facilitated by new capabilities. These new capabilities are enabled via substantial improvements in reliability, latency, bandwidth, and the capacity to support highly scalable networks with much greater efficiency and effectiveness. These improvements will allow MNOs to share network resources to an unprecedented degree, facilitating a highly scalable environment for extending capabilities to MVNOs. For example, 5G IoT networks will achieve optimization by way of radio frequency management that meets the needs of both narrowband IoT applications as well as those that require higher bandwidth, which may be on an on-demand basis, requiring the 5G MVNO service providers to reply upon 5G network slicing to ensure the quality of service demands are met. Another noteworthy capability to be leveraged by the 5G MVNO B2B service providers is Ultra-Reliable Low Latency Communications (URLLC), which will be particularly useful for Industrial IoT (IIoT) customers. Examples of URLLC dependent apps and services include robotics, teleoperation market solutions, and other areas that are pertinent especially to the IIoT market. Select Report Findings: 5G MVNO market is poised to reach USD 8.2 billion by 2026Enterprise segment of the 5G MVNO B2B market will reach $3.1 billion by 2026North America will lead the 5G MVNO market followed by APAC and European regionsAI and Machine learning technology will play a significant role in 5G enabled MVNOsIoT specific and other purpose-specific B2B MVNO types will witness substantial growthPurpose-built B2B service operations to realize substantial growth within the 5G MVNO market Select Report Benefits: Identify the key 5G MVNO infrastructure and enabling technologiesLearn the potential application areas and business model for 5G MVNOsUnderstand the operation model, value chain, and use cases for 5G MVNOsRecognize the market potential for leading applications in a 5G MVNO service delivery modelIdentify strategies of leading MVNO companies including data-only, IoT-specific, and other purpose-driven MVNO companiesUnderstand the role and importance of 5G-specific technologies and capabilities in support of 5G enabled MVNO applications and services Target Audience: ICT infrastructure providersApplication development companiesExisting and start-up MVNO companiesDevice manufacturers including wearable technologyCommunication service providers of all types including OTT playersInvestment organizations of all types including VCs and private equity Companies Mentioned AbzorbAerisAirlinqArkessaAxis TelecomB-MobileBoost MobileBT MobileChatSimConectoCricket WirelessCubic TelecomCyan Digital SecurityDH TelecomFlash WirelessGoogle FiIsotonJapan CommunicationsJD MobileKajeet (Arterra Mobility)KnowRoaming (Telna)KORE WirelessLenovo ConnectLiberty WirelessLine MobileMavocoMetro by T-MobileMint MobileMVNOUNTTNTT Docomo USANumerex (Sierra Wireless)Pareteum (Artilium)PlintronRakuten MobileRepublic WirelessSakura MobileSimfonySimple MobileSky MobileSpeedTalk MobileStraight TalkStream Technologies (Arm Holdings)TeleenaTelenablerTelitTesco MobileTing MobileTracFoneTransatelTravelSimTruphoneTwilioUS MobileVirgin MobileVisibleVoxiX-MobilityXfinity MobileYahoo MobileYuantel For more information about this report visit https://www.researchandmarkets.com/r/yn80px CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
The Duke and Duchess of Sussex’s interview with US TV host Oprah Winfrey is expected to lift the lid on their short period as working royals.
"Say hello to Declan Okotie aka Baby O."
The "The Global Hops Market" report has been added to ResearchAndMarkets.com's offering.
Rishi Sunak faces having to hit Britain with a second dose of tax hikes or more borrowing because his spending plans would be too painful for the nation, leading economists warned today. The highly-respected Institute for Fiscal Studies stressed the Chancellor had already imposed a tax burden which is the “highest sustained level in history” after a huge increase in corporation tax and raking in billions by freezing income tax thresholds.
Bake Off star Noel Fielding and Ryan Giggs’ brother Rhodri are among the latest celebrities to accept an apology and damages from a newspaper group over phone hacking. News Group Newspapers (NGN) – the publisher of The Sun and the now-defunct News of the World – is announcing the settlement of a string of legal claims at the High Court this morning. Among the stars who are set to receive apologies and damages former Scotland striker-turned-TV pundit McCoist and David Beckham’s former PA Rebecca Loos.
The Duke of Edinburgh, the nation’s longest-serving consort, has spent 16 nights in hospital – his longest ever stay.
The research report on ‘global functional food ingredients market’ boasts of comprehensive analysis of this business domain such as the major development trends, restraining factors, and other expansion opportunities which are reckoned to impact the growth matrix over the period of 2020-2027.Selbyville, Delaware, March 04, 2021 (GLOBE NEWSWIRE) -- Global functional food ingredients market, according to seasoned analysts, had reached a valuation of USD 177.7 billion in the year 2019 and is likely to reach the USD 298.54 billion mark by 2027, recording a CAGR of 6.7% during the estimated timeframe. This rapid expansion can be attributed to increasing health awareness and proliferating sales of functional food ingredients. The document also offers crucial insights pertaining to the different market segmentations and their relevant impact towards the remuneration scale of this industry vertical. It also offers a broad perspective of the competitive arena of this business domain, highlighting the business-centric strategies adopted by industry participants to acquire a prominent market share. For those unversed, functional foods are basically transformed food that apparently offer better health and nutrition. Although it does not prevent illnesses, functional foods can help in reducing the risk of acquiring infections by offering vital proteins and nutrients to improve the body health. Request Sample copy of this Report @ https://www.marketstudyreport.com/request-a-sample/3357866/ Thus, improving cognizance regarding the benefits associated with functional food ingredients coupled with growing demand for nutritious drinks are augmenting the overall market size. Increasing consumption of protein-rich foods coupled with shifting preferences towards avoiding carbohydrates and sweeteners-rich foods are stimulating global functional food ingredients industry outlook. On the contrary, high costs associated with the products could potentially hamper the industry remuneration in the upcoming years. Summarizing the market segmentations Worldwide functional food ingredients market is classified on the basis of ingredient type, product variety, application scope, and regional terrain. Speaking of ingredient type, the market is further split into vitamins, prebiotics & dietary fibers, proteins & amino acids, minerals, probiotics, and others. The product landscape of global functional food ingredients industry consists of fats & oils, soy products, fish & eggs, meat, dairy products, bakery & cereals and others. Elaborating on the application spectrum, the market is bifurcated into cardio health, weight management, clinical nutrition, sports nutrition, and others. From the regional point of view Global functional foods ingredients industry is fragmented into Latin America, North America, Asia-Pacific, Europe, and the rest of the world. Among these, Asia-Pacific currently holds the largest market share and is reckoned to continue with is dominance in the upcoming years. Rapid urbanization, escalating healthcare expenditure and improving awareness regarding the medicinal benefits of functional foods are favoring the regional market outlook. North America, meanwhile, is set to record a robust compound annual growth rate during the estimated timespan, owing to changing consumer lifestyle and collective inclination towards consuming healthy foods. To access a sample copy or view this report in detail along with the table of contents, please click the link below: https://www.marketstudyreport.com/reports/global-functional-food-ingredients-market-size-research Global Functional Food Ingredients Market by Ingredients (Revenue, USD Billion, 2017-2027) VitaminsPrebiotics & Dietary FibersProteins & Amino AcidsMineralsProbioticsOthers Global Functional Food Ingredients Market Product Varieties (Revenue, USD Billion, 2017-2027) Fats & OilsSoy ProductsFish & EggsMeatDairy ProductsBakery & CerealsOthers Global Functional Food Ingredients Market Application Terrain (Revenue, USD Billion, 2017-2027) Cardio HealthWeight ManagementClinical NutritionSports NutritionOthers Global Functional Food Ingredients Market Regional Outlook (Revenue, USD Billion, 2017-2027) North America United StatesCanada Europe GermanyFranceSpainItalyUnited KingdomRest of Europe Asia-Pacific AustraliaSouth KoreaIndiaChinaJapanRest of Asia-Pacific Latin America MexicoBrazil Rest of the World Global Functional Food Ingredients Market Competitive Arena (Revenue, USD Billion, 2017-2027) The Kraft Heinz CompanySanitarium Health and Wellbeing CompanyRoyal FrieslandCampina N.V.Raisio OyjNestlé S.A.Meiji Dairies CorporationMars IncorporatedHearthside Food Solutions LLCGlanbia plcDanone S.A. Table of Content: Chapter 1. Executive Summary 1.1. Market Snapshot 1.2. Global & Segmental Market Estimates & Forecasts, 2018-2027 (USD Billion) 1.2.1. Functional Food Ingredients Market, by Region, 2018-2027 (USD Billion) 1.2.2. Functional Food Ingredients Market, by Ingredient, 2018-2027 (USD Billion) 1.2.3. Functional Food Ingredients Market, by Product, 2018-2027 (USD Billion) 1.2.4. Functional Food Ingredients Market, by Application, 2018-2027 (USD Billion) 1.3. Key Trends 1.4. Estimation Methodology 1.5. Research Assumption Chapter 2. Global Functional Food Ingredients Market Definition and Scope 2.1. Objective of the Study 2.2. Market Definition & Scope 2.2.1. Scope of the Study 2.2.2. Industry Evolution 2.3. Years Considered for the Study 2.4. Currency Conversion Rates Chapter 3. Global Functional Food Ingredients Market Dynamics 3.1. Functional Food Ingredients Market Impact Analysis (2018-2027) 3.1.1. Market Drivers 3.1.2. Market Challenges 3.1.3. Market Opportunities Chapter 4. Global Functional Food Ingredients Market Industry Analysis 4.1. Porter's 5 Force Model 4.2. PEST Analysis 4.2.1. Political 4.2.2. Economical 4.2.3. Social 4.2.4. Technological 4.3. Investment Adoption Model 4.4. Analyst Recommendation & Conclusion Chapter 5. Global Functional Food Ingredients Market, by Ingredient 5.1. Market Snapshot 5.2. Global Functional Food Ingredients Market by Ingredient, Performance - Potential Analysis 5.3. Global Functional Food Ingredients Market Estimates & Forecasts by Ingredient 2017-2027 (USD Billion) 5.4. Functional Food Ingredients Market, Sub Segment Analysis 5.4.1. Probiotics 5.4.2. Minerals 5.4.3. Proteins & Amino Acids 5.4.4. Prebiotics & Dietary Fibers 5.4.5. Vitamins 5.4.6. Others Chapter 6. Global Functional Food Ingredients Market, by Product 6.1. Market Snapshot 6.2. Global Functional Food Ingredients Market by Product, Performance - Potential Analysis 6.3. Global Functional Food Ingredients Market Estimates & Forecasts by Product 2017-2027 (USD Billion) 6.4. Functional Food Ingredients Market, Sub Segment Analysis 6.4.1. Bakery & Cereals 6.4.2. Dairy Products 6.4.3. Meat, Fish & Eggs 6.4.4. Soy Products 6.4.5. Fats & Oils 6.4.6. Others Chapter 7. Global Functional Food Ingredients Market, by Application 7.1. Market Snapshot 7.2. Global Functional Food Ingredients Market by Application, Performance - Potential Analysis 7.3. Global Functional Food Ingredients Market Estimates & Forecasts by Application 2017-2027 (USD Billion) 7.4. Functional Food Ingredients Market, Sub Segment Analysis 7.4.1. Sports Nutrition 7.4.2. Weight Management 7.4.3. Clinical Nutrition 7.4.4. Cardio Health 7.4.5. Others Chapter 8. Global Functional Food Ingredients Market, Regional Analysis Related Report: Protein Ingredients Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026 Protein ingredients market size to grow at over 7.5% CAGR between 2020 and 2026, as per new research report. Growing consumer demand for plant-based protein alternatives with growing consumer interest in foods that promote health and well-being will spur market demand. With the growing momentum of the health and wellness trend, the demand for protein products is expected to go up tremendously over the coming years. From a regional reference frame, the LATAM protein ingredients market is expected to clock in tremendous revenue gains as increasing demand for natural ingredients in cosmetics and anti-aging cosmetics is augment the adoption of protein ingredients in the regional market. 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Hyper-Converged Infrastructure Systems Market By Component, Application (Virtualizing Applications, ROBO, Data Protection Disaster Recovery, VDI, Data Center Consolidation), Organization Size, and Industry Vertical– Global Forecast To 2027London, March 04, 2021 (GLOBE NEWSWIRE) -- According to a new market research report titled, “Hyper-Converged Infrastructure Systems Market by Component, Application (Virtualizing Applications, ROBO, Data Protection Disaster Recovery, VDI, Data Center Consolidation), Organization Size, and Industry Vertical– Global Forecast to 2027”, the hyper-converged infrastructure (HCI) systems market is expected to grow at a CAGR of 20.6% from 2020 to 2027 to reach $30.3 billion by 2027. Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5176 Increasing need to reduce operating cost and improve the scalability of IT infrastructure, growing need for enhancing disaster recovery & data protection capabilities, and increasing demand for enhancing IT operations efficiency are expected to drive the growth of the hyper-converged infrastructure (HCI) systems market. Additionally, the increasing number of data centers and the growing need to reduce the footprint in data centers further contribute to the market growth. Furthermore, incorporating advanced technologies, including Artificial Intelligence (AI) in data center services, is the new trend in the hyper-converged infrastructure systems market. However, the global impact of COVID-19 on the industry verticals, such as manufacturing, banking, financial services, and insurance (BFSI), and energy, among others, and high setup costs in developing countries, may restrain the growth of this market. Impact of COVID-19 on Hyper-Converged Infrastructure (HCI) Systems Market The COVID-19 pandemic outbreak has caused serious challenges to the world’s economy and industry verticals, such as manufacturing and automotive. The SARS-CoV-2, the virus responsible for the global COVID-19 pandemic, has started showing its distressing collision on most profitable businesses worldwide. The impact of the COVID-19 outbreak has varied by each industry sector's level of resilience. However, companies are still struggling to make informed decisions about their products, supply chains, and regulatory responsibilities amid uncertainty. Also, lockdowns imposed to contain the pandemic have resulted in severe losses to businesses. Speak to our Analysts to Understand the Impact of COVID-19 on Your Business: https://www.meticulousresearch.com/speak-to-analyst/cp_id=5176 Several industries rely heavily on desktop virtualization environments to ensure business continuity, reinforce their IT infrastructure, and develop business continuity plans for all their operations. The healthcare sector is focusing on adopting HCI systems to streamline clinical and IT workflows with virtualization of computing, storage, networking, simplification of management, and scaling. Along with reliant on remote systems, several industries are focusing on improving the utilization of the existing assets proactively with parameters like artificial intelligence for IT operations (AIOps). Organizations also focus on adopting HCI systems to modernize the data centers for agility, scalability, and cost-efficiency to support rapid business innovation. So, it is expected that the hyper-converged infrastructure (HCI) systems market still holds considerable potential to bounce back from the COVID-19 pandemic. Several organizations post-COVID-19 pandemic might strategize to downsizing by cutting business lines considered as non-critical. With economic and industrial activity largely put on hold, it is expected that there will be a severe demand-side impact leading to a sharp decline in the market. Many leading HCI players are also eying this crisis as a new opportunity to restructure and revisit their existing strategies and advance product portfolio. In addition, organizations and local governments are trying to revive the glooming industry vertical by adopting several bailout strategies and packages. HCI providers are focusing on new types of applications and delivery models to smartly access latent demand that includes increased automation and reduce costs by combining compute, storage, and networking. In September 2020, Fujitsu Limited (Japan) and VMware, Inc. (U.S.) collaborated to streamline the deployment, operation, scalability, and maintenance of VMware-based HCI and announced a system called Turnkey Integrated System for HCI to simplify the entire lifecycle management for VMware-based hyper-converged IT infrastructure (HCI). Also, in September 2020, Nutanix, Inc. (U.S.) partnered with Microsoft (U.S.) to deliver a hybrid solution with seamless application, data, and license mobility as well as unified management across on-premises and Azure environments. Key Findings in the Hyper-Converged Infrastructure (HCI) Systems Market Study The hyper-converged infrastructure (HCI) systems market is segmented based on component (hardware, software, services), by application (virtualizing business applications, remote office and branch office (ROBO), data protection and disaster recovery solutions, virtualization desktop infrastructure (VDI), data center consolidation, and private & hybrid cloud), by organization size (large enterprise, small & medium-sized enterprise), by vertical (healthcare, manufacturing, energy, retail, banking, financial services, and insurance (BFSI), IT and telecom, others). The study also evaluates industry competitors and analyses the market at a country level. Based on component, the hardware segment accounted for the largest share of the overall hyper-converged infrastructure (HCI) systems market in 2020. The large share of this segment is primarily driven by the increasing demand for robust and cost-effective devices, including servers, storage, and networking devices, among business enterprises to strengthen their IT infrastructure and increasing demand for HCI systems to reduce IT infrastructure costs. However, the services segment is slated to grow at the fastest CAGR during the forecast period due to the growing demand for new installation and integration, the frequent need for support and maintenance, and increasing demand for cloud services in IT operations to streamline processes and operations. Based on application, the data center consolidation segment accounted for the largest share of the overall hyper-converged infrastructure (HCI) systems market in 2020. The large share of this segment is primarily driven by the increasing need to reduce the requirement of separate backup software, deduplication machines, and storage array such as SSD RAID (solid-state drive RAID). However, the virtualization desktop infrastructure (VDI) segment is slated to grow at the fastest CAGR during the forecast period due to the increasing demand for Bring Your Own Device (BYOD) trend across the businesses, rise in remote work policies and heavily reliant on desktop virtualization environment for ensuring business continuity, and growing adoption of virtualization solutions. Based on organization size, the large enterprises segment commanded the largest share of the overall Hyper-Converged Infrastructure (HCI) systems market in 2020. The large share of this segment is primarily driven by the increasing focus to improve remote access and increasing HCI adoption for applications including VDI, data protection, and ROBO. However, the small & medium-sized enterprises segment is slated to grow at the fastest CAGR during the forecast period due to the surge in need for enhancing data protection and disaster recovery capabilities, rising need for enhancing overall business productivity, and growing need to streamline the deployment of new workloads. Quick Buy – Hyper-converged Infrastructure Systems Market Research Report: https://www.meticulousresearch.com/Checkout/65202464 Based on vertical, the IT and telecom sector accounted for the largest share of the overall hyper-converged infrastructure (HCI) systems market in 2020. The large share of this segment is primarily driven by the growing data center traffic, increasing number of data centers across industry verticals, and growing demand to enhance IT operational efficiency. However, the Banking, Financial Services, and Insurance (BFSI) sector is slated to grow at the fastest CAGR during the forecast period due to surging demand for HCI solutions, including the VDI for training and education purposes, a surge in adoption of server virtualization in data centers, increase in demand for data center transformation services, and rise in security breaches targeting business applications. Based on geography, North America accounted for the largest share of the global hyper-converged infrastructure (HCI) systems market in 2020. The large share of this region is primarily due to the presence of major HCI players, early adoption of the latest technologies, rising demand from the VDI data protection and ROBO among enterprises, increasing demand for enhancing IT operations, and growing need for reducing the footprints in datacenters. In addition, increasing focus on improving remote access and strengthening the enterprise mobility framework and government investments in advanced technologies, including artificial intelligence and cloud technologies, further support market growth in this region. The report also includes an extensive assessment of the key strategic developments adopted by the leading market participants in the industry over the past four years. The hyper-converged infrastructure systems market has witnessed partnerships & agreements in recent years that enabled companies to broaden their product portfolio. For instance, in 2020, VMware, Inc (U.S.) launched the Hitachi Unified Compute Platform HCI Series, which offers simplified installation, deployment, and maintenance and combines hardware, software, and virtualization for a faster time production and simplified deployment. The key players operating in the hyper-converged infrastructure systems market are Nutanix, Inc. (U.S.), Dell Technologies, Inc. (U.S.), Cisco Systems, Inc. (U.S.), Huawei Technologies Co., Ltd. (China), VMware, Inc. (U.S.), Hewlett Packard Enterprise Development LP (U.S.), Microsoft (U.S.), IBM Corporation (U.S.), Fujitsu Limited (Japan), DataCore Software (U.S.), Pivot3, Inc. (U.S.), NetApp, Inc. (U.S.), Hitachi Vantara LLC (U.S.), NEC Corporation of America (NEC Corporation) (Japan), and Scale Computing (U.S.), among others. To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/hyper-converged-infrastructure-systems-market-5176 Scope of the Report: Hyper-converged Infrastructure Systems Market, by Component Hardware ProcessorsNetworkingMemory SoftwareServices Hyper-converged Infrastructure Systems Market, by Organization Size Large EnterprisesSmall & Medium-sized Enterprises Hyper-converged Infrastructure Systems Market, by Application Virtualizing Critical ApplicationsRemote Office and Branch Office (ROBO)Data Protection and Disaster Recovery SolutionsVirtualization Desktop Infrastructure (VDI)Data Center ConsolidationPrivate & Hybrid Cloud Hyper-converged Infrastructure Systems Market, by Vertical HealthcareManufacturingEnergyRetailBanking, Financial Services and Insurance (BFSI)IT and telecomOthers Hyper-converged Infrastructure Systems Market, by Geography: North America U.S.Canada Europe GermanyU.K.FranceItalySpainRest of Europe Asia-Pacific JapanChinaIndiaRest of Asia-Pacific Latin AmericaMiddle East and Africa Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5176 Amidst this crisis, Meticulous Research® is continuously assessing the impact of the COVID-19 pandemic on various sub-markets and enables global organizations to strategize for the post-COVID-19 world and sustain their growth. Let us know if you would like to assess the impact of COVID-19 on any industry here- https://www.meticulousresearch.com/custom-research Related Reports: Digital Transformation Market by Technology (IoT, Cloud Computing, Big Data Analytics, Artificial Intelligence, Cybersecurity, Mobility Solutions, AR/VR, Robotic Process Automation, Others), End-use Industry (Retail, Government and Public Sector, Healthcare, Supply Chain and Logistics, Utilities, Manufacturing, Insurance, IT and Telecom, Media and Entertainment, Banking and Financial Services, Education, Others) Industry Size (Small and Medium Enterprises, Large Enterprises), Process (Customer Transformation, Operational Transformation, Product Transformation, Workforce Transformation) - Global Forecast to 2025 https://www.meticulousresearch.com/product/digital-transformation-market-4980/ Healthcare IT Market by Product (EMR, mHealth, PHM, RIS, PACS, RCM, Healthcare Analytics, Telehealth, SCM, HIE), Component (Software, Service), Delivery Mode (Web, Cloud) and End User (Hospital, Payer, Pharmacy, Ambulatory, Homecare) - Global Forecast to 2027 https://www.meticulousresearch.com/product/healthcare-it-market-5084 Network Slicing Market by Component, Application (Remote Monitoring, Supply Chain Management, Real-time Streaming, Network Monitoring), End User (BFSI, Manufacturing, Healthcare, Automotive, Retail, Transportation), and Geography - Global Forecast to 2027 https://www.meticulousresearch.com/product/network-slicing-market-5167 About Meticulous Research® Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze and present the critical market data with great attention to detail. With meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth. 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American Diversified Holdings Corporation and Resinosa LLC Come Together to Create an Efficient, Innovative, Global Wellness Company Bringing Affordable CBD and other Wellness Products to Global ConsumersDEL MAR, Calif., March 04, 2021 (GLOBE NEWSWIRE) -- American Diversified Holdings Corporation (ADHC) announces a signed Letter of Intent (LOI) to acquire Resinosa LLC, a vertically integrated health and wellness CBD company with expertise and capabilities in hemp genetics, cloning, farming, processing, and manufacturing of finished products. Resinosa LLC has been in business for 5 years and is a veteran-owned company operating out of its custom designed and FDA registered processing and manufacturing facility in Silver Cliff, Colorado. ADHC knows that adding this strong, well-established wellness manufacturing company will provide ADHC a solid foundation to market highly effective and affordable CBD and health and wellness products worldwide. In addition to embarking on an aggressive marketing program, ADHC will also drive an expansion program to scale Resinosa’s current manufacturing capabilities to fulfill the rapidly growing demand. Resinosa LLC is well-positioned to join forces with ADHC creating a powerhouse business through Resinosa’s production capability combined with ADHC’s sales and marketing prowess. "Resinosa is a welcome addition to ADHC serving to broaden our portfolio of CBD businesses. This deal compliments our previously announced acquisition of Phamstrong resulting in a pipeline of integrated CBD companies with a strong history of bringing high quality products to market with highly promising future revenue streams," commented ADHC's management. Further acquisition candidates have been identified in the CBD sector.ADHC Management will keep shareholders apprised of the acquisition progress as events warrant. adhccorp@gmail.com858-259-4534 www.resinosa.com Information contained herein includes forward-looking statements. These statements relate to future events or future financial performance, involving known and unknown risks and uncertainties that may cause our actual results to be materially different, performance or achievements expressed. You should not place undue reliance on these statements since they involve known and unknown risks, in some cases, beyond our control and which could, materially affect actual results. Any forward-looking statement reflects our current views with respect to future events and is subject to uncertainties.