BEIJING, Sept. 13, 2018 /PRNewswire/ -- Cheetah Mobile
Inc. (NYSE: CMCM) ("Cheetah Mobile" or the "Company"), a leading
mobile internet company with a strong global vision, today
announced that the Company's board of directors approved a share
repurchase program whereby the Company may purchase its American
depositary shares ("ADSs") with an aggregate value of up to
US$100 million over the next 12-month
period.
Mr. Sheng Fu, Cheetah Mobile's
Chairman, and Chief Executive Officer, stated, "The board's
decision to purchase Cheetah Mobile's ADSs reflects our belief that
buying back our own shares is a good investment for the Company.
Cheetah Mobile continues to generate substantial earnings and free
cash flow. Driven by our mobile utility products business in the
domestic market, and our mobile game operations, we expect our
total revenues to recover its growth trend in the second half of
2018. In addition, our AI technology business has made solid
progress, which has positioned us well in the post-mobile era. We
are confident in the long-term outlook for our business."
The repurchases may be made from time to time on the open market
at prevailing market prices, in privately negotiated transactions,
in block trades and/or through other legally permissible means. The
timing and extent of any purchases will depend on market
conditions, the trading price of the Company's ADSs and other
factors, subject to applicable rules and regulations. The Company
expects to implement this share repurchase program in a manner
consistent with market conditions and in the best interests of the
Company's shareholders. The Company's board of directors will
review the share repurchase program periodically, and may authorize
adjustments of its terms and size accordingly. The Company plans to
use its available cash balance to fund repurchases made under this
program.
About Cheetah Mobile Inc.
Cheetah Mobile is a leading mobile Internet company with strong
global vision. It has attracted hundreds of millions of monthly
active users through its mobile utility products such as Clean
Master and Cheetah Keyboard, casual games such as Piano Tiles 2,
and live streaming product Live.me. The Company provides its
advertising customers, which include direct advertisers and mobile
advertising networks through which advertisers place their
advertisements, with direct access to highly targeted mobile users
and global promotional channels. The Company also provides
value-added services to its mobile application users through the
sale of in-app virtual items on selected mobile products and games.
Cheetah Mobile is committed to leveraging its cutting-edge
artificial intelligence technologies to power its products and make
the world smarter. It has been listed on the New York Stock
Exchange since May 2014.
Safe Harbor Statement
This press release contains forward-looking statements.
These statements, including management quotes and business outlook,
constitute forward-looking statements under the U.S. Private
Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Such statements
involve inherent risks and uncertainties. A number of factors could
cause actual results to differ materially from those contained in
the forward-looking statements, including but are not limited to
the following: Cheetah Mobile's growth strategies; Cheetah Mobile's
ability to retain and increase its user base and expand its product
and service offerings; Cheetah Mobile's ability to monetize its
platform; Cheetah Mobile's future business development, financial
condition and results of operations; competition with companies in
a number of industries including internet companies that provide
online marketing services and internet value-added services;
expected changes in Cheetah Mobile's revenues and certain cost or
expense items; and general economic and business condition globally
and in China. Further information
regarding these and other risks is included in Cheetah Mobile's
filings with the U.S. Securities and Exchange Commission. Cheetah
Mobile does not undertake any obligation to update any
forward-looking statement as a result of new information, future
events or otherwise, except as required under applicable law.
Investor Relations Contact
Cheetah Mobile Inc.
Helen Jing Zhu
Tel: +86 10 6292 7779 ext. 1600
Email: helenjingzhu@cmcm.com
ICR Inc.
Jack Wang
Tel: +1 (646) 417-5395
Email: IR@cmcm.com
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SOURCE Cheetah Mobile