Bitauto +11% after easy beat in Q1 earnings [Seeking Alpha]
BITAUTO HOLDINGS (BITA)
Last bitauto holdings earnings: 3/26 06:00 am
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Source: Seeking Alpha
Bitauto +11% after easy beat in Q1 earningsBitauto (NYSE:BITA) isup 11% in NYSE trading in the regular session, after a solid revenue beat and a surprise profit in itsQ1 earnings.Non-GAAP net income did tumble to 37.lM yuan (about $5.9M) from a year-ago gain of 156.9M yuan. On a GAAP basis, losses swelled to 288.3M yuan from a year-ago loss of 50.1M yuan.Revenues beat easily after a 52.3% gain in renminbi terms, to 2.17B yuan.Transaction services revenue more than doubled on high volumes to 1.17B yuan. Advertising and subscription revenues rose 16.3% to 787.5M yuan; and digital marketing solutions revenue rose 28.2% to 211.3M yuan.For Q2, it's guiding to revenue of 2.47B-2.52B yuan ($393.8M-$401.7M), a Y/Y increase of 23.8%-26.3% in renminbi terms. That's in ASC 606 terms net of VAT; comparing on a gross basis, it would be 2.66B-2.71B yuan, a 22.5%-24.9% increase.Press releaseSee all stocks on the move »Now read:Remark Holdings' Improbable AI Claims »
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