Key facts
- Third-quarter net profit fell 93.6% year-on-year.
- Net profit was 17.4 million yuan ($2.6 million).
- Revenue increased 33.3% to 3.9 billion yuan.
Shanghai-listed Arashi Vision Inc., known as Insta360, reported a significant decline in third-quarter net profit, which fell 93.6% year-on-year to 17.4 million yuan ($2.6 million). This decrease occurred despite a 33.3% rise in revenue, which reached 3.9 billion yuan. The company attributed the profit drop to increased spending on new products and market expansion initiatives.