BlueCity has published its earnings report for the second quarter of 2021, showcasing the company’s performance over the three month period up to 30th June.
Total revenue for the quarter saw an 18% year-on-year increase to approximately $45.2 million, the majority of which came from its livestreaming services.
BlueCity’s portfolio of LGBTQ social networking platforms, which includes Blued, LESDO and Finka, saw a 29.3% increase in monthly active users and a 58.3% growth in premium members to almost 725,000. During the quarter, Finka updated its subscription plan to offer new benefits which helped its individual numbers grow.
Founder, Chairman and CEO Baoli Ma explained in a statement: “We are pleased to announce another healthy quarter as we continued to optimize our product offerings with strong user engagement growth.
“We are excited to see this strong growth, which reflects our dedication in optimizing products and cultivating our users’ consumption habits. We remain committed to actively exploring new ways to enrich our product and service offerings, and are optimistic in further expanding our monetization capabilities.”
However, the company’s net loss for the quarter was $5.4 million compared to just over $500,000 from 12 months ago.
A lawsuit was filed against BlueCity in July over claims that it made false and misleading statements in its IPO documents. The growing debts have led investors to believe that it wasn’t fully prepared to absorb the greater costs that come with being a publicly-traded entity. Its share price on the Nasdaq market dropped by about 40% since the allegations were first made.
BlueCity has lowered its revenue outlook for the full year, dropping it from around $221 million to $180 million.
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