Gogolook (6902) Q2 2024 earnings summary

Executive summary

• Revenue for the six months ended June 30, 2024, was NT$403.6 million, up 8.5% year-over-year, driven by growth in Trust Cloud subscriptions and business services.

• Net income for the six months was NT$1.1 million, a significant decrease from NT$12.7 million in the prior year period.

• Gross margin remained strong at 91%, but operating expenses increased, impacting profitability.

• The company completed the acquisition of Ecommerce Operations B.V. in July 2024, expanding its international footprint.

Financial highlights

• Operating revenue for Q2 2024 was NT$196.4 million, nearly flat year-over-year.

• Gross profit for the six months was NT$368.1 million, with a gross margin of 91%.

• Operating expenses rose to NT$379.1 million for the six months, up from NT$326.3 million year-over-year.

• Net income for the six months was NT$1.1 million, down from NT$12.7 million in the prior year.

• Basic and diluted EPS for the six months were NT$0.04, compared to NT$0.41 last year.

Outlook and guidance

• The company is focused on integrating the newly acquired Ecommerce Operations B.V. and expects to finalize purchase price allocation within one year.

• Management continues to prioritize growth in subscription and business services revenue streams.