Shares of iHuman Inc. (NYSE: IH), a leading provider of tech-powered intellectual development products in China, surged 7.14% on Thursday, despite the company reporting a year-over-year decline in revenue and net income for the second quarter of 2024.
The Beijing-based company's Q2 financial results were impacted by more conservative consumer spending, with revenue declining 10.7% year-over-year to $29.6 million and net income decreasing to $3.4 million from $42.1 million in the same period last year. However, iHuman's average total monthly active users (MAUs) rose 20.8% year-over-year to 24.57 million, reflecting strong user engagement and potential for future growth.
Investors appeared to focus on iHuman's strategic initiatives and growth prospects, which could offset the near-term financial challenges. During the quarter, the company expanded its product lineup with the launch of the iHuman Pinyin Reader, designed to help children master Pinyin through interactive learning experiences. Additionally, iHuman's international expansion gained momentum, with its Cosmicrew franchise expanding into several global markets, including the United States, United Kingdom, Australia, and Singapore.
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