Taoping Awarded RMB10 Million Cloud-Based Advertising Services Contract
SHENZHEN, China, Oct. 31, 2023 /PRNewswire/ -- Taoping Inc. (Nasdaq: TAOP, the "Company"), today announced the Company was awarded a RMB10 million contract to provide cloud-based advertising services to Shenzhen Zhaoyou Tech Co. Ltd. Taoping expects to recognize the full RMB10 million in revenue in 1Q 2024.
- SHENZHEN, China, Oct. 31, 2023 /PRNewswire/ -- Taoping Inc. (Nasdaq: TAOP, the "Company"), today announced the Company was awarded a RMB10 million contract to provide cloud-based advertising services to Shenzhen Zhaoyou Tech Co. Ltd. Taoping expects to recognize the full RMB10 million in revenue in 1Q 2024.
- Today's announcement follows October's news of Taoping's nearly 100% year-over-year increase in contract revenue value through the first nine months of 2023 for the Company's cloud-based product and software and advertising businesses.
- During the nine-month period, the Company entered into contracts totaling RMB191 million (approximately US$26.55 million), the revenues from which the Company expects to recognize within fiscal year 2023.
- On being awarded the RMB10 million contract to provide cloud-based advertising services to Shenzhen Zhaoyou, Mr. Lin Jianghuai, Chairman and CEO of Taoping, said: "We have been gearing up for larger cloud-based service contracts after making investments in our portfolio, infrastructure and team.