Should Investors Give BitAuto a Chance? [The Motley Fool]
BITAUTO HOLDINGS (BITA)
Last bitauto holdings earnings: 3/26 06:00 am
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US:NYSE Investor Relations:
ir.bitauto.com
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Source: The Motley Fool
The Chinese tech company’s double-digit sales growth is overshadowed by widening losses. Shares of BitAuto Holdings ( NYSE:BITA ) jumped nearly 12% on June 13 after the online services provider for the Chinese automotive industry posted its first-quarter numbers. Its revenue rose 52% annually to $346.1 million, topping expectations by nearly $38 million. Its non-GAAP net income fell 76% to $5.9 million, or $0.13 per diluted ADS, but that still beat estimates by $0.21. However, Bitauto remains unprofitable on a GAAP basis, and its losses widened from $8 million to $46 million. Image source: Getty Images. Investors were likely concerned about those losses, and Bitauto's initial rally quickly faded. The stock ended the day up less than 2%, and remains down 14% for the year. Should investors give Bitauto a chance at these levels, or does it face too many headwinds to make a sustained recovery? The bull case for Bitauto Bitauto's top-line growth looks solid. Its
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