On Monday, the worldwide tech company Remark Holdings Inc (NASDAQ:MARK), which is best known for its work in the fields of artificial intelligence and digital media, was in the news. The company announced its financial results for the second quarter that had ended on June 30, 2021.
However, the performance does not seem to have impressed investors much and the stock has actually declined by 3% in premarket trading. The Chief Executive Officer and Chairman of the company Kai-Shing Tao spoke about the company’s performance. He said that the revenues nearly doubles primarily thanks to the revenues generated in the United States by its artificial intelligence platform.
On the other hand, he noted that despite the lockdowns at different times, the company’s operations in China have continued to display strong momentum. In the second quarter, Remark managed to generate revenues of as much as $4 million, which was a considerable rise from the $2.3 million that it had generated in the year ago period. The company’s business in the United States performed particularly well and managed to generated revenues of as much as $2.6 million. That reflected a doubling of revenues from the prior year period when the revenues from the United States stood at $1.3 million.