Bitauto Holdings Limited (NYSE: BITA) topped revenue estimates for the second quarter of 2019 but earnings fell short of forecasts. The consensus estimate was for earnings of $0.59 per share on revenue of $390 million. Shares were down by 0.94% in premarket hours on Thursday.
Total revenues increased 8.9% year-over-year to RMB2.79 billion ($406.6 million), mainly driven by growth in the transaction services business.
Net loss attributable to Bitauto was RMB145.5 million ($21.2 million), compared to net income of RMB2.7 million ($0.4 million) in the year-ago period.
Adjusted net income attributable to Bitauto was RMB155.3 million ($22.6 million), compared to RMB257.3 million ($37.5 million) last year.
Net loss per ADS amounted to RMB2.06 ($0.30). Adjusted net income per ADS totaled RMB2.12 ($0.31).
During the quarter, advertising and subscription business revenue fell 5% to RMB1.01 billion ($146.6 million) from the year-ago quarter, mainly due to a reduction in marketing spend by automakers and dealers, reflecting declines in new car sales.
In the transaction services business, revenues amounted to RMB1.49 billion ($217.1 million), reflecting a 17.2% increase from last year, driven mainly by growth in loan facilitation services. Revenues in the digital marketing solutions business jumped 31.2% to RMB294.7 million ($42.9 million) from the prior-year quarter.
For the third quarter of 2019, Bitauto expects revenue to range from RMB2.65 billion ($386 million) to RMB2.75 billion ($400.6 million), representing a 2.8% decrease to 0.9% increase from the prior-year period.
Bitauto’s controlled subsidiary Yixin reported total revenues of RMB1.50 billion ($218.5 million) during the quarter. At quarter-end, Yixin’s accumulated total financed automobile transactions reached approx. 1.4 million and its accumulated aggregate auto financing amount exceeded RMB100 billion.
The business world is still struggling to come out of the virus-induced slowdown, but it seems almost every retail segment benefited from the pandemic at some point. The vaccination drive
General Mills (GIS): Three factors that are expected to help drive growth for the food company going forward
Shares of General Mills Inc. (NYSE: GIS) were up 3.2% on Wednesday after the company delivered better-than-expected results for the first quarter of 2022. Net sales rose 4% year-over-year to
It is estimated that the alternative investments industry has expanded at a compound annual rate of 10.2% over the past ten years and had $11 trillion in assets under management