Categories Earnings, Technology
Bitauto beats Q2 revenue expectations but earnings fall short of estimates
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.
Get access to timely and accurate verbatim transcripts that are published within hours of the event.
Most Popular
These fast-food stocks can strengthen your portfolio this year. Here’s why
For American restaurant chains, the early months of the pandemic were a challenging period. But soon things changed for the better as people started ordering their favorite food items online
What to expect when McCormick & Company (MKC) reports Q1 results next week
Shares of McCormick & Company, Incorporated (NYSE: MKC) were up over 2% on Friday. The stock has dropped 12% year-to-date. The condiments manufacturer is scheduled to report its first quarter 2023
KB Home (KBH) Earnings: 1Q23 Key Numbers
KB Home (NYSE: KBH) reported total revenues of $1.38 billion for the first quarter of 2023 which was relatively flat compared to the same period last year. Net income of
