BEIJING, Dec. 4, 2018 /PRNewswire/ -- Cheetah Mobile Inc. (CMCM) ("Cheetah Mobile" or the "Company"), a leading mobile internet company with global market coverage, today announced that it has become aware that CM File Manager, one of its many apps, was temporarily suspended from Google Play. File Manager is an immaterial app in terms of revenue contribution to the Company as it generated less than $58,000 in the third quarter of 2018, which accounted for 0.03% of the Company's total revenues in the same period.
The Company takes the current matter very seriously and is in continuous communication with Google Play to resolve any issues that may arise. In addition, the Company has temporarily taken down two other apps, Battery Doctor and CM Locker, from Google Play because the Target APIs employed in those two apps are obsolete and would require some time to update.
The Company is fully confident about the long-term outlook of its business. In the third quarter of 2018, its revenues from mobile games increased by 78% year over year and 106% quarter over quarter. Revenues from mobile utility products in the domestic market increased by 54% year over year and 18% quarter over quarter. Mobile games made up 21% of the Company's total revenue in the quarter, and mobile utility products in the domestic market made up 28%.
As of the date of this press release, the Company has approximately $600 million cash and is repurchasing its ADSs at the maximum daily volume permitted. On September 13, 2018, the Company's board of directors approved a share repurchase program whereby the Company may purchase its ADSs with an aggregate value of up to US$100 million over the next 12-month period. As of December 3, 2018, the Company had repurchased approximately 2 million ADSs for approximately US$15.5 million under this program.
The Company has established a Business Integrity Committee, chaired by Mr. Vincent Jiang, Cheetah Mobile's CFO. Mr. Jiang has over ten years of experience in legal and compliance, capital markets and corporate transactions. He also has a strong background in the mobile internet industry and was a corporate lawyer at the renowned law firm Skadden, Arps, Slate, Meagher & Flom LLP.
The Company is in the process of investigating all its apps and SDKs integrated in these apps. The Company is committed to complying with all relevant Google policies, GDPR, laws, and regulations. As a global leading mobile app developer, Cheetah Mobile aims to ensure the maximum benefits of advertisers and users and help create a healthy advertising industry.
About Cheetah Mobile Inc.
Cheetah Mobile is a leading mobile Internet company with global market coverage. 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, Bricks n Balls, and live streaming product LiveMe. 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
Tel: +1 (646) 417-5395