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China Finance Online Q2 Earnings Send its Stock 6% Lower

Yaning Ying 2019-09-28 04:30 AM

The stock of China Finance Online (Nasdaq: JRJC) was trading down nearly 6% on Friday afternoon, at 72 cents per American depositary share, after the company reported its financial results for the second quarter.

In a statement posted after markets closed Thursday, China Finance said its revenue in the three months through March reached $8.9 million, down 31% year-over-year. 

The company said its net loss narrowed 30% from a year ago to $3 million, or 13 cents per ADS, in the second quarter.

China Finance Online Co. Ltd. provides Chinese retail investors access to securities trading services, wealth management products and securities investment advisory services. It also provides commercial database and analytics services to institutional customers.

Zhiwei Zhao, the chairman and chief executive of China Finance, commented in the statement, "During the second quarter of 2019, the bottom-line loss was further narrowed on a year-over-year basis. The efficiency of our fundamental businesses is improving."

Looking ahead, China Finance Online said it would keep exploring mobile marketing initiatives and forming strategic partnerships with leading digital advertising platforms and advertising tech companies in China and abroad. The company also said it will continue to invest in its fintech capabilities, like i-TAMP (Turnkey Asset Management Platform).

"Looking into the future, we will continue to strengthen our fin-tech capabilities through optimizing and upgrading our services and products, and also turn fin-tech research findings into scalable revenues," Zhao concluded.