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MAKINGORG, INC. Reports Net Loss of $10.1 Million for the Third Quarter
Quarterly Revenue Amounts to $39.5 Million
MAKINGORG, INC. [CQCQ], a leading company in the industry, has recently released its financial report for the quarter ended September 30, 2022. The company reported a net loss of $10.1 million for the third quarter, compared to a net income of $69.2 thousand in the same period last year. Quarterly revenue amounted to $39.5 million, a decrease from $362.4 million in the third quarter of 2021.
Despite the decrease in revenue, MAKINGORG, INC. managed to maintain a gross profit of $7.6 million for the quarter, although it is lower compared to the $123.6 million gross profit achieved in the same period last year. The company faced challenges in managing its operating expenses, with selling, general and administrative expenses reaching $11.6 million, and professional fees totaling $0.3 million. As a result, the company reported a loss from operations of $4.2 million.