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WeTrade Group Inc. (WETG) reported its third-quarter 2021 financial results, achieving a remarkable 128.6% year-over-year revenue growth, totaling $4.60 million. The company also saw a 90.3% increase in net income to $1.41 million. Despite these gains, gross margin fell to 54.2% from 78.7% a year earlier, indicating rising costs associated with new staff recruitment. General and administrative expenses surged 155.3%, impacting profitability. For the nine months ended September 30, revenue soared 289.9% year-over-year, reaching $11.26 million.
WeTrade Group Inc. (WETG) announced its participation in the 2021 World Internet Conference (WIC), taking place from Sept. 25 to 28. As a key service provider in China's e-commerce digital transformation, Wetrade will showcase its YCloud system and successful partnerships. This marks the second consecutive year Wetrade has attended WIC, an event drawing major tech leaders. The company supports micro businesses in achieving digital transformation, and recently signed a partnership with ticket agents of Universal Studio Beijing Resort to enhance nationwide ticket sales through its SAAS services.
WeTrade Group Inc. (WETG) has announced a partnership with ticket agents for Universal Studio Beijing Resort ahead of its opening on Sept. 20, 2021. This partnership will leverage WeTrade's SAAS technical system to support ticket distribution and provide comprehensive solutions for the tourism and hospitality sectors. With COVID-19 restrictions limiting ticket availability, this collaboration aims to enhance access for tourists while allowing ticket agents to attract new clients through WeTrade's YCloud system, which also facilitates commission earnings.
WeTrade Group Inc. (WETG) has reported remarkable growth in the first half of 2021, with revenues reaching $6.66 million, a 660.4% increase year-on-year. The second quarter alone saw revenues of $3.88 million, up 354% year-on-year, and gross profit surged by 331.7%.
The company is expanding its service offerings beyond micro-businesses into sectors like tourism and retail, aided by partnerships with major firms like Tencent. WeTrade plans to enhance its global presence, aiming to connect more e-commerce supply chains and developing its YCloud system across Southeast Asia.
WeTrade Group Inc. (WETG) reported strong financial results for Q2 2021, with revenues of $3.88 million, up 354% year-over-year. Gross profit surged 332% to $3.69 million, while net income rose 223% to $1.84 million, reflecting a growing customer base and successful service offerings. The company's gross margin stood at 95.1%. Despite increased operational costs due to staffing for software development, Wetrade's commitment to enhancing service capabilities positions it to capitalize on the private domain economy. Cash reserves were reported at $3.21 million as of June 30, 2021, down from $4.64 million at year-end 2020.
WeTrade Group Inc. (WETG) announced its Q1 2021 financial results, reporting revenue of $2.78 million, a staggering 13,098.5% increase from the prior year. Gross profit also surged to $2.63 million, with a gross margin of 94.7%. The company achieved an operating profit of $745,425 and net income of $652,084, a turnaround from a net loss of $461 in Q1 2020. As of March 31, 2021, cash and cash equivalents stood at $2.67 million, decreased from $4.64 million at year-end 2020. WeTrade attributes growth to increased service demand and partnerships supporting digital transformation.
The micro business sector in China has seen significant growth from 2012 to 2021, particularly driven by the rise of livestream commerce. The market transactions exceeded RMB 5 trillion in 2020, reflecting a remarkable 110.2% year-on-year increase. Employment in this sector surged from 60 million to 130 million. Service providers like Youzan, Weimob, and WeTrade Group are key players supporting this ecosystem. These companies offer various services tailored to micro businesses, enhancing their market presence and sales efficiency.
WeTrade Group Inc. (WETG) reported significant financial growth for fiscal year 2020, achieving $6.27 million in revenue, up from nil in 2019. The gross profit reached $5.66 million, with a gross margin of 90.2%. Net income improved to $2.68 million, reversing a loss of $0.42 million in the previous year. Operational profit also rose to $3.75 million. Despite a decrease in cash and cash equivalents to $4.64 million, the company maintained a positive outlook for 2021, focusing on digital transformation for micro-businesses.
WeTrade Group Inc. (US: WETG) announced the establishment of its second headquarters in Yanliang District, Xi'an, China, aimed at enhancing its social e-commerce services. The local government provided support, indicating a shared vision for economic digital transformation. WeTrade Group leverages advanced technology to boost digital services and create job opportunities. The new headquarters aims to strengthen the aviation industry and promote the development of emerging industries in the region.
