Insta360 Profit Falls 94% Despite Strong Sales Growth
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Shanghai-listed Arashi Vision Inc., better known as Insta360, reported a 93.6% year-on-year drop in third-quarter net profit as spending on new products and market expansion weighed on earnings despite strong sales growth.
Net profit fell to 17.4 million yuan ($2.6 million), while revenue rose 33.3% to 3.9 billion yuan, according to the company’s latest earnings report.
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