Rhea-AI Summary
Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) reported its first-quarter 2020 results, revealing revenues of US$9.8 million, down from US$13.8 million in Q1 2019. The company faced challenges from COVID-19, leading to a 24.2% decrease in advertising revenue to US$7.9 million and a 63.6% drop in copyrights revenue to US$1.0 million. Operating income fell to US$2.9 million with a margin of 29.7%. Despite these declines, downloads of the CHEERS App surged to 100.5 million, and gross merchandise value exceeded RMB40.6 million (US$5.8 million).
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