BEIJING, Dec. 4, 2018 /PRNewswire/ -- Cheetah Mobile Inc.
(NYSE: CMCM) ("Cheetah Mobile" or the "Company"), a leading mobile
internet company with global market coverage, today announced that
it has become aware that CM File Manager, one of its many apps, was
temporarily suspended from Google Play. File Manager is an
immaterial app in terms of revenue contribution to the Company as
it generated less than $58,000 in the
third quarter of 2018, which accounted for 0.03% of the Company's
total revenues in the same
period.
The Company takes the current matter very seriously and is in
continuous communication with Google Play to resolve any issues
that may arise. In addition, the Company has temporarily taken down
two other apps, Battery Doctor and CM Locker, from Google Play
because the Target APIs employed in those two apps are obsolete and
would require some time to update.
The Company is fully confident about the long-term outlook of
its business. In the third quarter of 2018, its revenues from
mobile games increased by 78% year over year and 106% quarter over
quarter. Revenues from mobile utility products in the domestic
market increased by 54% year over year and 18% quarter over
quarter. Mobile games made up 21% of the Company's total revenue in
the quarter, and mobile utility products in the domestic market
made up 28%.
As of the date of this press release, the Company has
approximately $600 million cash and
is repurchasing its ADSs at the maximum daily volume permitted. On
September 13, 2018, the Company's
board of directors approved a share repurchase program whereby the
Company may purchase its ADSs with an aggregate value of up to
US$100 million over the next 12-month
period. As of December 3, 2018, the
Company had repurchased approximately 2 million ADSs for
approximately US$15.5 million under
this program.
The Company has established a Business Integrity Committee,
chaired by Mr. Vincent Jiang,
Cheetah Mobile's CFO. Mr. Jiang has over ten years of experience in
legal and compliance, capital markets and corporate transactions.
He also has a strong background in the mobile internet industry and
was a corporate lawyer at the renowned law firm Skadden, Arps,
Slate, Meagher & Flom LLP.
The Company is in the process of investigating all its apps and
SDKs integrated in these apps. The Company is committed to
complying with all relevant Google policies, GDPR, laws, and
regulations. As a global leading mobile app developer,
Cheetah Mobile aims to ensure the maximum benefits of advertisers
and users and help create a healthy advertising industry.
About Cheetah Mobile
Inc.
Cheetah Mobile is a leading mobile Internet company with global
market coverage. It has attracted hundreds of millions of monthly
active users through its mobile utility products such as Clean
Master and Cheetah Keyboard, casual games such as Piano Tiles 2,
Bricks n Balls, and live streaming product LiveMe. The Company
provides its advertising customers, which include direct
advertisers and mobile advertising networks through which
advertisers place their advertisements, with direct access to
highly targeted mobile users and global promotional channels. The
Company also provides value-added services to its mobile
application users through the sale of in-app virtual items on
selected mobile products and games. Cheetah Mobile is committed to
leveraging its cutting-edge artificial intelligence technologies to
power its products and make the world smarter. It has been listed
on the New York Stock Exchange since May
2014.
Safe Harbor Statement
This press release contains forward-looking statements.
These statements, including management quotes and business outlook,
constitute forward-looking statements under the U.S. Private
Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Such statements
involve inherent risks and uncertainties. A number of factors
could cause actual results to differ materially from those
contained in the forward-looking statements, including but are not
limited to the following: Cheetah Mobile's growth strategies;
Cheetah Mobile's ability to retain and increase its user base and
expand its product and service offerings; Cheetah Mobile's ability
to monetize its platform; Cheetah Mobile's future business
development, financial condition and results of operations;
competition with companies in a number of industries including
internet companies that provide online marketing services and
internet value-added services; expected changes in Cheetah Mobile's
revenues and certain cost or expense items; and general economic
and business condition globally and in China. Further
information regarding these and other risks is included in Cheetah
Mobile's filings with the U.S. Securities and Exchange
Commission. Cheetah Mobile does not undertake any obligation
to update any forward-looking statement as a result of new
information, future events or otherwise, except as required under
applicable law.
Investor Relations Contact
Cheetah Mobile Inc.
Helen Jing Zhu
Tel: +86 10 6292 7779 ext. 1600
Email: helenjingzhu@cmcm.com
ICR Inc.
Jack Wang
Tel: +1 (646) 417-5395
Email: IR@cmcm.com
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SOURCE Cheetah Mobile