Jianpu Technology Inc. (NYSE: JT) remained among the day losers and traded with change of 0.35% on volume of 186042 shares in the last session as compared to average volume of 230126 shares. During last trade its minimum price was $5.73 and it gained highest price of $6.13. JT has total market capitalization of $957805941. Its closing value stands at $5.8.
Jianpu Technology Inc. (NYSE: JT), a leading independent open platform for discovery and recommendation of financial products in China, reported its unaudited financial results for the first quarter ended March 31, 2018.
First Quarter 2018 Operational Highlights:
Number of loan applications submitted through the Company’s platform was approximately 12.1 million in the first quarter of 2018, representing an increase of approximately 21.0% from the prior-year period.
Credit card volume, which is the measure of the number of credit cards the Company generate revenues from, reached approximately 1.5 million in the first quarter of 2018, representing an increase of approximately 400% from the prior-year period.
First Quarter 2018 Financial Highlights:
Total revenues for the first quarter of 2018 increased by 145% to RMB335.7 million (US$53.5 million) from RMB137.3 million in the same period of 2017.
Total recommendation services revenues for the first quarter of 2018 increased by 131% to RMB289.3 million (US$46.1 million) from RMB125.2 million in the same period of 2017.
Gross profit increased by 139% to RMB286.4 million (US$45.7 million) in the first quarter of 2018 from RMB119.9 million in the same period of 2017.
Non-GAAP adjusted net loss, which excluded share-based compensation expenses, decreased by 35.9% to RMB19.8 million (US$3.2 million) in the first quarter of 2018, from RMB30.9 million in the same period of 2017.
Non-GAAP adjusted EBITDA, which excluded share-based compensation expenses, depreciation and amortization, interest income and expenses, and income tax expenses from net loss, for the first quarter of 2018 was a loss of RMB18.6 million (US$3.0 million), representing a decrease of 30.3% from a loss of RMB26.7 million in the same period of 2017.
Mr. David Ye, Chairman and Chief Executive Officer of Jianpu, commented, “We are pleased to continue our strong growth momentum in the first quarter of 2018, recording revenue growth of 145% and gross profit growth of 139% year-over-year and continuously enhancing operating efficiency, with non-GAAP adjusted net margin improved from -22.5% in the first quarter of 2017 to -5.9% in the first quarter of 2018. Notably in the first quarter, we continued to capitalize on the market demand shift toward credit cards, as evidenced by a 400% increase in credit card volume on a year-over-year basis. The accelerated growth in our credit card business illustrates both the scalability and efficiency of our unique platform model as well as our robust user engagement capabilities.
Oscar Chen, Chief Financial Officer of Jianpu said “Our first quarter results continued to demonstrate our solid growth trajectory”. “During the quarter, we realized total revenues of RMB335.7 million, exceeding our guidance, with impressive growth across all business streams. Even with modest growth in loans recommendation services due to seasonality and market adjustments within the new regulatory framework, we successfully captured the shift of user demand and achieved remarkable performance in our credit card recommendation services, delivering a 718% year-over-year growth, driven by both volume growth and unit price increases. On the bottom line, we continued our positive momentum with non-GAAP adjusted net loss decreasing by 35.9% from the year-ago period, and 34.7% from the fourth quarter of 2017.”