- Seven Stars Cloud Group (NASDAQ:SSC) -- formerly Wecast Network, formerly You On Demand -- is off 20.9% today after posting Q2 results where losses widened as the company underwent another transformation, toward focusing on three cloud areas for commercial enterprises.
- The company's working with a new business line vs. a year ago, and revenue changed accordingly (to $43.3M this quarter vs. a year-ago $1.5M).
- Cost of revenue was also $43.3M, though.
- Net loss widened to $3.7M from a loss of $1.6M.
- The company also announced two new joint ventures: one with Ocasia Group Holdings (a purchasing agent for major energy companies) and another with Beijing Urban Construction Holdings Materials Industry, a major national and provincial project builder.
- Seven Stars Cloud pointed to them as the kind of partners it's now seeking, doing billions of dollars a year in purchasing and procurement turnover.
- Conference call to come at 4:15 p.m. ET.
- Press Release
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