Q3 2024 Perfect Corp Earnings Call Transcript
Key Points
- Perfect Corp (PERF) reported a 12.5% year-over-year revenue growth for the first nine months of 2024, reaching $44.3 million.
- The company's net income for the same period was $3.9 million, with an adjusted net income increase of 23.2% to $6 million.
- The B2C mobile business saw a 17% year-over-year increase in active paying subscribers, reaching an all-time high of over 977,000.
- Expansion efforts in new markets such as Brazil and Italy have shown positive results, indicating a broadening geographic footprint.
- The introduction of B2C web-based services has expanded the total addressable market and offers higher margins by avoiding app store fees.
- Licensing revenue decreased by 14.5% in the third quarter of 2024, as the company transitions from traditional offline services to subscription models.
- Gross margin slightly decreased to 80.3% from 81.2% due to increased third-party payment processing fees.
- The B2B sales cycle continues to face post-recovery challenges, impacting growth in this segment.
- Net income for the third quarter of 2024 was $2.5 million, down from $3.5 million in the same period of 2023.
- The company has not yet provided specific growth rate guidance for 2025, indicating uncertainty in future projections.
Good morning and Good Evening, Ladies and Gentlemen, thank you for standing by and welcome to Perfect Corp third quarter, 2024 earnings conference call. (Operator Instructions)
I will now turn the conference over to the first speaker today, Mr. Jimmy Shu, IR Director of the company, please go ahead.
Thank you and hello, everyone. Welcome to Perfect Corp's third quarter, 2024 earnings call. With us today are Ms. Alice Chang, our Founder, Chairwoman and Chief Executive Officer; Mr. Louis Chen, our Executive Vice President and Chief Strategy Officer and; Ms. Iris Chan, Vice President of Finance and Accounting. You can refer to our third quarter, 2024 financial results on our ION website or in the Form 6-K, we filed with SEC earlier, a replay of this call will also be available on our website shortly after its conclusion.
For today's call management will provide our prepared remarks followed by a question-and-answer session. Before we continue, I would like to refer you to our safe harbor statement in our
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