Stock NEWS Buzz: CLPS Incorporation (NASDAQ:CLPS)

CLPS Incorporation (NASDAQ:CLPS), a leading information technology (“IT”) consulting and solutions service provider focusing on the banking, insurance and financial sectors in China and globally, announced its financial results for the six months ended December 31, 2018, or the first half of the Company’s fiscal year 2019.

First Half of Fiscal 2019 Highlights (all results compared to the six months ended December 31, 2017)

Revenues increased by 38.7% to $30.8 million from $22.2 million.

Gross profit increased by 25.8% to $11.2 million from $8.9 million.

Net loss attributable to CLPS Incorporation’s shareholders of $1.4 million, or $0.10 basic and diluted losses per share, from net income attributable to CLPS Incorporation’s shareholders of $1.3 million, or $0.12 basic and diluted earnings per share.

Non-GAAP net income attributable to CLPS Incorporation’s shareholders[1] increased by 100% to $2.6 million, or $0.19 basic earnings per share and $0.18 diluted earnings per share, from $1.3 million, or $0.12 basic and diluted earnings per share (See Use of Non-GAAP Financial Measures below for a discussion of such measures as used in this press release).

Mr. Raymond Lin, Chief Executive Officer of CLPS, commented, “During the first six months of the 2019 fiscal year, we continued to grow our revenue at a double-digit pace thanks to growth in demand from existing and new clients. New clients in particular helped us with our geographic growth, including further expansion in Singapore. As previously announced, our customized IT solution service successfully passed client testing for its blockchain project in Shanghai, and we are on track to delivering per client requirements.”

“We also expanded our talent development capabilities as we launched CLPS Academy with the vision of establishing it as a Center of Excellence to fulfill the quality and professional IT training needs of our staff, business partners, and potential clients. Furthermore, we expect to open additional training centers overseas to meet employee demand globally. Our CLPS Research Institute remains dedicated to exploring the application of new and emerging technology such as big data, blockchain, distributed financial cloud applications, and robotic process automation, which we have been piloting internally. Our efforts were recently recognized by industry peers at the China Finance Summit in December, where we received the 2018 Fintech Brand Leadership Award.”

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