Perfect Corp. (NYSE:PERF) Q1 2024 Earnings Conference Call April 24, 2024 8:00 PM ET

Company Participants

Jennifer Wu - Investor Relations Manager
Alice Chang - Founder, Chairwoman of the Board and Chief Executive Officer
Pin-Jen Chen - Executive Vice President and Chief Strategy Officer

Conference Call Participants

Brian Schwartz - Oppenheimer & Co.

Operator

Good morning and good evening, ladies and gentlemen. Thank you for standing by, and welcome to Perfect Corp.'s Earnings Conference Call. At this time, all participants are in a listen-only mode. We will be hosting a question-and-answer session after management's prepared remarks. Please note that today's event is being recorded.

I will now turn the conference over to the first speaker today, Ms. Jennifer Wu, IR Manager of the Company. Please go ahead.

Jennifer Wu

Thank you and hello, everyone. Welcome to Perfect Corp.'s earnings call. With us today are Ms. Alice Chang, our Founder, Chairwoman and Chief Executive Officer; Mr. Louis Chen, our Executive Vice President and Chief Strategy Officer; and Ms. Iris Chen, Vice President of Finance and Accounting.

You can refer to our first quarter 2024 financial results on our IR website or in the Form 6-K we filed with SEC earlier. You can later access a replay of this call on our IR website shortly after the conclusion of this call. For today's call, management will provide their prepared remarks first, and then we will host a question-and-answer session.

Before we continue, I would like to refer you to our safe harbor statement in our earnings press release, which also applies to this call, as this call may contain forward-looking statements regarding Perfect Corp.'s performance, anticipated plans, operational results and objectives. Forward-looking statements are based on management's expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those expressed or implied on our call today.

Perfect Corp. undertakes no obligation to update any forward-looking statements, except as required by law after the date of this call. Please note that all numbers stated in the following management's prepared remarks are in U.S. dollar terms, and we will discuss non-IFRS measures today.

Without further ado, I will now turn the call to our first speaker today, our CEO, Ms. Alice Chang.

Alice Chang

Thank you, Jennifer, and welcome to Perfect Corp.'s 2024 first quarter earnings conference call. We have some exciting news to share today, so let's get started. Leveraging our advanced AI capability, we started 2024 with a robust first quarter. Our first quarter revenue grew by 17.7% year-over-year to $14.3 million, and our net revenue was positive $0.6 million. The double-digit increase in revenue and a positive net income were driven by the strong growth of our AI/AR cloud solutions and subscription services.