GoerTek's 2024 First Half Report Revenue Decrease but Profit Surge

TapTechNews August 15th news, GoerTek announced on August 14th that in the first half of 2024, it achieved operating income of 40.382 billion yuan ($5.77 billion), a year-on-year decrease of 10.60%; and achieved a net profit attributable to the parent company of 1.225 billion yuan ($0.175 billion), a year-on-year increase of 190.44%.

The announcement stated that in the first half of 2024, the global consumer electronics industry recovered somewhat, and the market demand for some emerging smart hardware products warmed up. GoerTek completed various important tasks such as business expansion, project delivery, and operational improvement, promoting a significant restoration of the company's profitability.

During the reporting period, along with the slow recovery of terminal demand in the consumer electronics industry, the company's precision components business, intelligent acoustic whole machine business, and the VR/MR/AR and intelligent wearable and other subdivided product line businesses in the intelligent hardware business segment all progressed smoothly, but due to the normal reduction in volume of individual intelligent hardware projects in the later stage of the product life cycle and other factors, the company's operating income in the first half of the year decreased slightly year-on-year. During the reporting period, the company's various efforts to continuously improve the lean operation level and promote the restoration of profitability have achieved relatively significant results, and the company's profit level in the first half of the year increased significantly year-on-year.

TapTechNews noted that GoerTek's R & D investment in the first half of 2024 decreased by 6.99% year-on-year, and the operating cost decreased by 14.67% year-on-year.