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CooTek (Cayman) Inc. (CTK) Stock Skyrocketing Today. Here’s the Reason

CooTek (Cayman) Inc. (CTK) is a leading mobile internet company focusing primarily on mobile gaming, online literature and novels, and scenario-based content applications. The company offers data-driven and user-centric features, to make attractive applications for the targeted users. One of the primary products of the company is TouchPal smart input method for the devices to support 110 languages at a time.

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The price of CTK stock during the regular trading on December 30, 2021, was last checked to be $0.67 with a sharp incline of 26.42%.

CTK: Events and Happenings

On December 30, 2021, CTK announced that Hotties Up had attained extraordinary victory after its standing as one of top 3 games on iOS games. It was published by Smillage, which is an investment of CTK in gaming studio sector. On December 20, 2021, CTK’s online literary app, Fengdu Novel, had started a partnership with Tencent Video’s Mars Project, to support micro drama TV adaptation. The content is ready for the shoot of the drama.

On December17, 2021, CTK reported about development to build a metaverse, integrating with mobile games and online literature. The target audience will be female users. On December 13, 2021, CTK reported about receipt of a notification letter from the New York Stock Exchange. CTK was notified as below compliance standards due to the trading price of its shares.

On December 8, 2021, CTK’s invested studio developed a female-oriented casual game namely Love Fantasy. The game had climbed to No. 2 spot on iOS Games ranking.

CTK: Key Financials

On December 8, 2021, CTK announced its financial results for the third quarter ended September 30, 2021. Some of the key updates are as follows

Revenue and Assets

Net revenue collected was $51.1 million as compared to the same period of last year when it was $105.7 million. So, a decline of 52% was observed over the year. Total current assets of the company were $79.4 million for Q3 2021.

Net Loss per Share

Basic and diluted net loss per share was $0.4 million or $0.0001 per share as compared to the same period of 2020 when it was $22.0 or $0.007 per share.

On December 6, 2021, CTK that it was focused to build a new ecosystem of entertaining metaverse. The company will create interactive web content and games to merge the borders of these two different areas. On December 2, 2021 CTK reported about its plan to build digital content copyright platform based on Non-Fungible Token.

Conclusion

The company’s stock is flying high this past week with a surge of 28%. The recent stock price upsurge is the consequence of CTK’s current trending games on iOS games as reported by the company. The analysts are hoping that that the formation of the novel platform of female-oriented metaverse and other pipeline projects will be advantageous for the company in the days to come.

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