On Monday, global tech company Remark Holdings Inc (NASDAQ: MARK), best known for its work in artificial intelligence and digital media, was in the news. The company announced its financial results for the second quarter that ended June 30, 2021.
The performance doesn’t seem to have impressed investors very much, however, and the stock is down 3% in pre-trading hours. The company’s chief executive officer and chairman, Kai-Shing Tao, spoke about the company’s performance. He said revenue nearly doubled, largely thanks to the revenue generated in the United States from its artificial intelligence platform.
On the other hand, he noted that the company’s activities in China continue to have strong momentum despite the lockdowns at different times. In the second quarter, Remark managed to generate revenues of up to $ 4 million, a significant increase over the prior-year period of $ 2.3 million. The company’s business in the USA developed particularly well and achieved sales of up to 2.6 million US dollars. This reflected a doubling in revenue from the same period last year when revenue from the United States was $ 1.3 million.