China Finance Online (JRJC) Reports Q3 Loss of $0.26

China Finance Online (NASDAQ: JRJC) reported Q3 EPS of ($0.26). Revenue for the quarter came in at $8.6 million.

Mr. Zhiwei Zhao, Chairman and CEO of China Finance Online, commented, "Under the continuing weak stock market conditions, our third quarter net revenues were lower quarter-over-quarter. Our gross margin improved year-over-year and our bottom line losses continued to narrow on a year-over-year basis. With the priority of maintaining future growth potential, we continue to control cost and improve efficiency."

"China Finance Online's flagship site, JRJ.com.cn, continued to heighten its market influence with its Alexa's Global Ranking and China Ranking reaching No. 383 and No. 56, respectively. In an ongoing environment of sluggish stock market performance, we have been maintaining our dedicated services of providing professional and timely market news and high-quality content, and also striving to explore ways to monetize our news business. At the same time, we are pleased that the value of our overseas wealth management platform, Rifa Financial, is being gradually recognized by the market, attracting a strategic investor to join its shareholder base at a valuation of HK$ 369.0 million based on HK$ 73.8 million (about US$ 9.4 million) in exchange for a 20% equity transfer. Through this partnership, we hope to further unlock the potential of our company's overseas wealth management business," Mr. Zhao continued.

"Lingxi Robo-Advisor weathered the storm of a difficult market and continued to outperform the market indexes and most of its peer Robo-Advisor products in the marketplace. Our newly-formed partnership with China Unicom demonstrated the market recognition of our asset allocation capabilities. We remain confident that we are able to provide vast number of retail investors with the best-in-class wealth management experience. In addition, we have gradually penetrated the Chinese financial institutional market with our core fintech-powered intelligent financial products. In the future, we will continue to develop our fintech capabilities, optimize and upgrade our service and product offerings, open new markets and enable our investor clients to identify investment opportunities and capture value in a changing market environment," Mr. Zhao concluded.

For earnings history and earnings-related data on China Finance Online (JRJC) click here.

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