ENTREPRENEUR UNIVERSE BRIGHT GROUP Releases Q2 2024 10-Q Report

ENTREPRENEUR UNIVERSE BRIGHT GROUP, a company specializing in consulting, sourcing, and marketing services in China, has released its Form 10-Q report for the second quarter of 2024. The report provides a detailed overview of the company's financial performance and operational highlights for the period ending June 30, 2024.

Financial Highlights

• Revenue: $1,264,221 million for the three months ended June 30, 2024, representing a decrease of 25.9% compared to the same period in 2023. This decrease was mainly attributed to a drop in consultation services related to a client engaged in live streaming.
• Gross Profit: $1,094,464 million for the three months ended June 30, 2024, which represents a decrease of 31.5% compared to the same period in 2023. The decrease in gross profit is due to increased consultancy and labor costs.
• Profit from Operations: $638,927 million for the three months ended June 30, 2024, indicating a decrease from the previous year due to higher selling and administrative expenses.
• Net Income: $348,467 million for the three months ended June 30, 2024, down from $690,447 million in the same period in 2023. The decline is primarily due to reduced revenue and increased costs.
• Net Income Per Share - Basic and Diluted: Less than $0.01 per share for the three months ended June 30, 2024, consistent with the same period in 2023.

Business Highlights

• Revenue Segments: The company operates as a single reportable segment focused on the provision of consulting, sourcing, and marketing services in China. The majority of revenue is generated from consultancy services, with a significant portion attributed to a client engaged in the live streaming business.
• Geographical Performance: The company's operations are primarily based in China, with subsidiaries in Hong Kong and mainland China. The performance is influenced by the regulatory environment in these regions, which could impact future operations.
• Future Outlook: The company anticipates that its ability to generate cash from operations will be adequate to fund working capital, capital spending, and other cash needs for at least the next 12 months. However, this is contingent on successfully implementing business strategies and managing regulatory changes in China.

SEC Filing: ENTREPRENEUR UNIVERSE BRIGHT GROUP Releases Q2 2024 [ OTC:EUBG ] - 10-Q - Aug. 12, 2024