Bitauto Holdings Limited (NYSE:BITA) Announces Revenue Of US$245.5 million in the first quarter of 2020

Bitauto Holdings Limited (NYSE:BITA)’s stock decreased by -0.21% to close Thursday’s session at USD 14.33. The company’s shares oscillated in the range of USD 14.00 and USD 14.50. A total of 624,397 shares exchanged hands, which surpassed its 3-month average volume of 343.08K shares. Over the last five days Bitauto’s shares have surged by 4.83% and in the past six months it has moved down -4.59%.

Bitauto Holdings Limited (NYSE:BITA) on June 12, 2020 reported revenue of RMB1.74 billion (US$245.5 million) in the first quarter of 2020, compared to RMB2.73 billion (US$386.2 million) in the corresponding period in 2019. Revenue from the advertising and subscription business in the first quarter of 2020 was RMB775.4 million (US$109.5 million), compared to RMB897.0 million (US$126.7 million) in the corresponding period in 2019, mainly due to the decrease in marketing spending by automakers caused by the continued decline in new car sales, and offset by a slight growth in our subscription business.

Revenue from the transaction services business in the first quarter of 2020 was RMB849.7 million (US$120.0 million), compared to RMB1.65 billion (US$233.0 million) in the corresponding period in 2019, mainly due to the weak passenger vehicle sales after the COVID-19 outbreak.

Revenue from the digital marketing solutions business in the first quarter of 2020 was RMB113.1 million (US$16.0 million), compared to RMB187.9 million (US$26.5 million) in the corresponding period in 2019.

Gross profit in the first quarter of 2020 was RMB1.11 billion (US$156.6 million), compared to RMB1.67 billion (US$235.7 million) in the corresponding period in 2019.

Net loss in the first quarter of 2020 was RMB1.28 billion (US$180.6 million), compared to net income of RMB92.8 million (US$13.1 million) in the corresponding period in 2019.

As of March 31, 2020, the Company had cash and cash equivalents and restricted cash of RMB8.30 billion (US$1.17 billion). Cash provided by operating activities, cash provided by investing activities, and cash used in financing activities in the first quarter of 2020 were RMB210.3 million (US$29.7 million), RMB4.07 billion (US$574.9 million), and RMB3.51 billion (US$496.1 million), respectively.

Furthermore, the stock is trading -7.43% below its 52-week high and 49.27% above its 52-week low. The stock has weekly volatility of 4.00% and monthly volatility of 4.16% with ATR of 0.53 and beta of 0.87. Bitauto Holdings Limited (NYSE:BITA) is a leading provider of internet content & marketing services, and transaction services for China’s automotive industry. Bitauto’s business consists of three segments: advertising and subscription business, transaction services business and digital marketing solutions business.

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