BEIJING, Nov. 16, 2021 /PRNewswire/ -- Zepp Health Corporation ("Zepp" or the "Company") (NYSE: ZEPP) today reported revenue of RMB1.6 billion (US$249.3 million); GAAP diluted net income per share of RMB0.19 (US$0.03); and GAAP diluted net income per ADS of RMB0.74 (US$0.11) for the third quarter ended September 30, 2021. Each ADS represents four (4) Class A ordinary shares.
"Despite global supply chain and chip shortage challenges affecting many companies, we are pleased to meet our guidance range for the third quarter of 2021," said Wang Huang, Chairman and CEO of Zepp Health. "Even without any new product launches, unit shipment volumes of Amazfit and Zepp branded products increased 89% year-over-year, demonstrating continuing global expansion of our brands. We began the fourth quarter with new technology and products, including our new OS for independent apps and the launch of the next generation 3 of our best-selling GT series watch line."
"Today, our board approved a $20 million share repurchase program." Mr. Huang added, "The Share Repurchase Program is well aligned with our commitment to maximizing value for all of our stakeholders and reflects the Company's confidence in its sustainable growth and long-term strategy, supported by the strong balance sheet and cash position."
Chief Financial Officer, Leon Deng, added "In addition to the strong growth of the Company's own branded products, third quarter topline performance reflected the different timing for the launch of Xiaomi's new Mi Band in the second quarter this year, as well as impacts of supply chain slowdowns and chip shortages. Despite these challenges, we successfully managed to continue our expense control, which reduced total operating expenses by 31.2%."
Third Quarter 2021 Financial Summary