Perfect Corp to carry out 20 million dollar share repurchase plan

Tech firm Perfect Corp has announced it will be carrying out a large-scale share purchase plan after its board of directors authorised the move.

Such a strategy will allow the company to repurchase up to 20 million dollars of its Class A ordinary shares over a 12-month period.

It comes as Perfect Corp’s board outlined its beliefs that the shares were currently undervalued.

In a release, the company’s founder, chairwoman and chief executive officer, Alice Chang, noted: “Based on the strength of our balance sheet, coupled with our recent strong growth momentum in AR/AI cloud solutions and subscription revenues as well as long-term outlook, we believe an opportunity exists to create value for our shareholders while continuing to fund operations and invest in our key growth-driving initiatives.”

In April, the NYSE-listed company reported a revenue growth of 9.7 percent to 12.1 million dollars for Q1, rising 0.9 percent year-over-year.

It also saw a drop in loss, with its net income for the period at 0.7 million dollars compared to its net loss of 0.5 million dollars compared to the same period in 2022, while its adjusted net income rose from 1.2 million to 1.4 million dollars.

The company, which provides AR and AI software-as-a-service (SaaS) solutions to beauty and fashion firms, attributed the growth to the recent fine tuning of its strategies and the expansion of its sales pipeline.

It had also shifted its focus towards growing its online services due to rising market demand in this sector.