Jianpu Technology Inc. (JT) Reports Q4 Loss of $0.0046, Revenues Miss

Jianpu Technology Inc. (NYSE: JT) reported Q4 EPS of $-0.0046, versus $0.00 reported last year. Revenue for the quarter came in at $41.6 million versus the consensus estimate of $54.98 million.

Fourth Quarter 2019 Operational and Financial Highlights:

• Credit card volume for recommendation services[1] was approximately 1.9 million in the fourth quarter of 2019, representing an increase of approximately 5.6% from the third quarter of 2019. The average fee per credit card for recommendation services increased to RMB110.21 (US$[2]15.83) in the fourth quarter of 2019 from RMB109.22 in the third quarter of 2019. As a result, revenues from recommendation services for credit cards increased by 6.5% to RMB208.3 million (US$29.9 million) in the fourth quarter of 2019 from RMB195.6 million in the third quarter of 2019.
• Net loss was RMB6.6 million (US$0.9 million) in the fourth quarter of 2019, improved from a net loss of RMB352.5 million in the third quarter of 2019.
• Non-GAAP adjusted net loss[3] was RMB68.8 million (US$9.9 million) in the fourth quarter of 2019, compared with non-GAAP adjusted net loss of RMB100.7 million in the third quarter of 2019.

Mr. David Ye, Co-founder, Chairman and Chief Executive Officer of Jianpu, commented, "As we continue to execute on our founding mission to become everyone's financial partner, we are uniquely suited to capitalize on new developments and deliver solid value to our customers and stakeholders. Despite the continued macroeconomic slowdown and evolving regulatory environment, we closed 2019 remaining focused on our core strengths and fundamentals while proactively making significant adjustments to better position the Company between growth and efficiency. Such preemptive measures not only led us to an efficiency improvement in the fourth quarter, but also position us well to capture the growing opportunities of financial services industry digital transformation through our new initiatives."

"2020 presented us with a challenging start after the outbreak of the coronavirus, which is impacting our buisness as well as causing immense economic disruption and personal suffering," added Mr. Ye. "We are making operational adjustments to maintain the same high quality service we have always provided our users, customers and partners as we simultaneously work to minimize the impact of the virus and push forward our business initiatives. We are encouraged by the recent recovery trend in China on a week-over-week basis. We expect the impact of COVID-19 on our business to be short term and are optimistic about our sustainable long-term growth."

Mr. Oscar Chen, Chief Financial Officer of Jianpu, said, "Our fourth quarter results demonstrated our tireless efforts to optimize businesses and improve operating efficiencies. Our credit card recommendation business remained promising by delivering 6.5% quarter-over-quarter growth, in spite of credit tightening across the board. The proactive cost optimization measures we introduced early on began to take hold in the fourth quarter, leading to a sequential reduction of 31.7% in non-GAAP net loss. The performance of our optimization efforts gives testimony to the ongoing resiliency of our platform in the midst of a volatile operating environment and challenging macroeconomic conditions. Although the outbreak of coronavirus brings us challenges in the short term, we remain confident about recovery and robust long-term prospects."

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

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• Newton Golf Company (NWTG) Reports Q2 Loss of $0.49
• Evogene chairman to address dissident shareholders on results call