Jianpu Technology Inc. (JT) Reports Q3 Loss of $0.24, Revenues Miss

Jianpu Technology Inc. (NYSE: JT) reported Q3 EPS of ($0.24), versus $0.00 reported last year. Revenue for the quarter came in at $45.3 million versus the consensus estimate of $54.98 million.

Mr. David Ye, Co-founder, Chairman and Chief Executive Officer of Jianpu, commented, "Amidst the challenging macro economic environment and the uncertainties in China's retail financial services industry, we have beaten our guidance in past quarter and, as a result, achieved and exceeded our guidance in the past nine consecutive quarters since our IPO. Jianpu continues to be a leader of transformation across the landscape of China's rapidly evolving retail financial services industry as our mission to become everyone's financial partner remains intact. Despite some short-term impacts across our business, our credit card recommendation business remained resilient with a 5.9% increase in the volume and a 6.6% increase in the revenue on a year-over-year basis, affirming our leadership in enabling banks, credit card issuers and other licensed NBFCs."

"We believe that putting more clarity in regulation is creating a healthier and more sustainable environment within China's retail financial eco-system that will benefit the players carrying higher compliance standards. At the same time, we continued our efforts and investment in technology advancement and new business initiatives, better positioned ourselves to capture medium to long term growth potentials in the digital financial services sector," concluded Mr. Ye.

"Our performance in the third quarter reflected our diligent effort to navigate the turbulent operating environment. Through our continuing efforts, the revenues from banks and other licensed financial institutions remained resilient and accounted for a larger percentage in terms of revenue contribution," said Mr. Oscar Chen, Chief Financial Officer of Jianpu. "Characterized by the macro slowdown and industry volatility, we are well aligned with the consumer demand for personalized financial services, leveraging our core capability to fulfill that demand normalized within the evolving regulatory framework that is meant to standardize online retail financial services and protect consumers. Going forward, with the healthy growth of gross margin improved to 91.7% in the third quarter of 2019 from 89.3% in the same period of 2018, we strive to continue our balanced strategy to set the foundation for sustainable operation."

For earnings history and earnings-related data on Jianpu Technology Inc. (JT) click here.

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