MicroAlgo (MLGO) Reports Return To Profitability In 2024: What's Going On?

MicroAlgo Inc MLGO shares are trading higher by 2.40% to $8.11 during Monday’s session, pulling back from their session high of $10.65. The company earlier reported a return to profitability for 2024, reporting total revenues of RMB 541.5 million ($75.3 million) and net income of RMB 53.4 million ($7.3 million).

What To Know: This marks a significant turnaround from a net loss of RMB 266.2 million in 2023. The shift is credited to the company’s strategic focus on its central processing algorithm services, which contributed 100% of its revenue in 2024, after moving away from its intelligent chips and services segment.

Ongoing investment in research and development, totaling RMB 111.7 million ($15.5 million), per the company, has helped MicroAlgo maintain its competitive edge. The company also highlighted their solutions have found growing demand in sectors like internet advertising and online gaming.

The company additionally reported cash and cash equivalents reaching RMB 1,035.9 million ($144.1 million) by year-end, up from RMB 317 million in 2023.

Read Also: What’s Going On With Wells Fargo Stock Today?

How To Buy MLGO Stock

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in MicroAlgo’s case, it is in the Information Technology sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

According to data from Benzinga Pro, MLGO has a 52-week high of $509.60 and a 52-week low of $1.11.