Bitauto (BITA) Misses Q2 EPS by 9c; Announces Management Change
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Bitauto (NYSE: BITA) reported Q2 EPS of $0.21, $0.09 worse than the analyst estimate of $0.30. Revenue for the quarter came in at $209.4 million versus the consensus estimate of $204.27 million.
Bitauto announced that it has accepted the resignation of the Company's president, Mr. Jingning Shao, effective immediately. Mr. Shao will pursue professional interests outside of the automobile industry and remain a member of Bitauto's board of directors, serving as vice-chairman, a position in which he will be able to continue to share his industry expertise and resources with the Company. Mr. Shao joined the Company in 2009 and has made significant contributions to Bitauto's growth over the past seven years.
Bitauto also announced the appointment of Mr. Andy Zhang, the Company's chief operating officer and chief financial officer, to president and chief financial officer, effective immediately. In his new role as president and chief financial officer, Mr. Zhang will leverage his experience in China's rapidly evolving automotive industry and deep knowledge of Bitauto's full range of business lines to focus on integrating the Company's automobile transaction services with its advertising and subscription businesses in order to realize sustainable top and bottom line growth while further increasing operational efficiencies.
Bitauto sees Q3 2016 revenue of $206.1-213.7 million, versus the consensus of $210.34 million.
For earnings history and earnings-related data on Bitauto (BITA) click here.
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