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RAAS’ acquisition of EliteCRM earlier this year helped it improve its product pipeline and attract more large-enterprise customers. The company also announced that it expects its revenues to be between RMB275 million ($42.54 million) and RMB278 million ($43 million) in the third quarter, representing an increase of 43.8% – 45.3% year-over-year.
However, this outlook is subject to uncertainty and substantial change, based on factors such as the impact of the COVID-19 outbreak and the new regulations on K-12 after-school tutoring in China. Also, RAAS’ losses widened in the second quarter. So, its near-term prospects look bleak.
