What caused TGL's Q3 2024 earnings to plummet?

Treasure Global Inc. (TGL) experienced a significant decline in its net income in Q3 2024, with a reported loss of $1.71 million. The company's financial performance in Q3 2024 can be attributed to several key factors: 1. **Decrease in Product and Loyalty Program Revenue**: The total revenues for TGL decreased by approximately $47.3 million, which is a significant drop of 68.2% compared to the previous year. This reduction is primarily due to a decrease in product and loyalty program revenue. 2. **Cost Management Strategies and Operational Efficiencies**: Despite the revenue decline, TGL was able to reduce its loss from operations by approximately $4.6 million compared to the previous year. This improvement was achieved through effective cost management strategies and operational efficiencies. In conclusion, TGL's Q3 2024 earnings plummeted due to a combination of decreased revenue from product and loyalty programs and reduced operating expenses resulting from cost management strategies and operational efficiencies. |code|Ticker|Name|Date|Net Income YoY|Net Income|market_code| |---|---|---|---|---|---|---| |TGL|TGL.O|Treasure Global|2024 Q1|41.95234220722001|-2131712|186| |TGL|TGL.O|Treasure Global|2024 Q2|40.386896700817275|-1199514|186| |TGL|TGL.O|Treasure Global|2024 Q3|41.446507736662305|-1713315|186|