CooTek (Cayman) Inc (NYSE:CTK) Q2 2020 Earnings Conference Call - Final Transcript
Aug 18, 2020 • 08:00 am ET
Good day, and welcome to the CooTek Announces Second Quarter 2020 Unaudited Results Conference Call. [Operator Instructions]
I'd now like to turn the conference over to Rene Vanguestaine. Please go ahead.
Thank you, Grant. Hello, everyone, and thank you for joining us today. Our earnings release was distributed earlier today and is available on our IR website at ir.cootek.com and on PR Newswire. On the call today from CooTek are Mr. Karl Zhang, Chairman and Chief Technology Officer; and Mr Jacky Lin, Chief Financial Officer. Mr. Zhang will review business operations and company highlights, followed by Mr. Lin, who will discuss financials and guidance. They will both be available to answer your questions during the Q&A session that follows.
Before we begin, I'd like to kindly remind you that this conference contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Commission Act of 1934 as amended. These forward-looking statements are made under the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminologies such as will, expects, anticipates, future, intends, plans, believes, estimates, confident and similar statements.
CooTek may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. SEC, in its annual report to shareholders, in press releases and other written materials and oral statements made by its officers, directors or employees to third-parties. Any statements that are not historical facts, including statements about CooTek's beliefs and expectations are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements.
Such factors and risks, include, but are not limited to the following. CooTek's mission and strategies; future business development, financial conditions and results of operations, the expected growth of the mobile Internet industry and the mobile advertising industry; the expected growth of mobile advertising, expectations regarding demand for and market acceptance of the company's products and services; competition in the mobile application and advertising industry and relevant government policies and regulations relating to the industry. Further information regarding these and other risks, uncertainties and factors is included in the company's filings with the U.S. SEC. All information provided on this call is current as of the date of this call. And CooTek does not undertake any obligation to update such information, except as required under law.
It is now my pleasure to introduce Mr. Karl Zhang. Karl, please go ahead.
Thank you, everyone for joining our second quarter 2020 earnings call. We are excited to report yet another strong quarter where we outperformed our expectations. Total net revenue for the quarter grew 236% year-over-year to $136 million. Most importantly, we returned to profitability with non-GAAP net profit of $4.5 million. This result is a strong validation of our sustainable business model and the strategic shift to content ecosystem. Based on our current estimates, for the fiscal year of 2020, we expected the annual revenue to be around