Hitek Global Inc. Announces First Half of Fiscal Year 2024 Financial Results
XIAMEN, China, Oct. 28, 2024 /PRNewswire/ -- Hitek Global Inc. (NASDAQ:HKIT) (the "Company"), a China-based information technology consulting and solutions service provider, today announced its unaudited financial results for the six months ended June 30, 2024.
Ms. Xiaoyang Huang, Chief Executive Officer and Director of Hitek Global Inc., commented, "We are pleased to report a solid performance for the first half of fiscal year 2024, as we continue to adapt to an evolving market environment. Despite facing challenges, particularly due to the implementation of Golden Tax Phase IV, which introduced new complexities for enterprises in managing their taxes, we have remained resilient. One of the key highlights of our financial performance is the increase in our gross profit margin, which rose to 52.0% for the six months ended June 30, 2024, compared to 50.9% in the same period last year. This improvement reflects our successful shift toward higher-margin revenue streams, especially in software sales, which continue to grow as we cater to larger clients. As we move forward, we are also actively expanding into new business modules to strengthen our market position. We are exploring strategic acquisitions and partnerships, particularly in the technical services, which we believe will offer immense growth potential. These moves are aligned with our long-term vision. By leveraging our expertise and seizing these emerging opportunities, we are confident in our ability to drive sustainable growth and deliver greater value to our shareholders."
First Half 2024 Financial Highlights
Revenue was $1.83 million for the six months ended June 30, 2024 compared to $2.95 million for the same period of last year.
Gross profit was $0.95 million for the six months ended June 30, 2024 compared to $1.5 million for the same period of last year.
Gross profit margin as a percentage of revenue increased to 52.0% for the six months ended June 30, 2024 from 50.9% for the same period of last year.
Basic and diluted earnings per share was $0.01 for the six months ended June 30, 2024 compared to $0.05 for the same period of last year.
First Half 2024 Financial Results
Revenue
Total revenues were $1.83 million for the six months ended June 30, 2024, compared to $2.95 million for the same period of last year.
Revenue generated from hardware sales was $0.75 million for the six months ended June 30, 2024, compared to $1.31 million for the same period of last ...
