China Finance Online Co (NASDAQ:JRJC) reported a third-quarter loss of $0.09 per share, versus a year-ago loss of $0.26 per share. Its sales slipped to $8.051 million from $8.614 million.
The Beijing-based company reported Thursday net revenues were $8.1 million, as revenues from advertising grew 41.4% year-over-year.
Net loss attributable to China Finance Online was $2.1 million, compared with a net loss of $6.0 million in the third quarter of 2018.
The Company's operational metrics continued to improve and operational efficiency continued to increase. The Company's continued investment in fintech started to show results.
Gross profit was $5.0 million, compared with $5.0 million in the third quarter of 2018 and $5.6 million in the second quarter of 2019. Gross margin in the third quarter of 2019 was 62.3%, compared with 58.2% in the third quarter of 2018 and 63.1% in the second quarter of 2019, respectively.
The year-over-year increase in gross margin was mainly due to the revenue mix with higher advertising revenues.
General and administrative expenses were $2.3 million, a decrease of 25.2% from $3.1 million in the third quarter of 2018, and a decrease of 8.8% from $2.5 million in the second quarter of 2019, respectively.
The year-over-year decrease was mainly due to effective cost control measures and the ongoing streamlining of the operations. The quarter-over-quarter decrease was mainly due to the adjustment of the agency fee related to the Hong Kong sector.
Shares declined 29 cents, or 2.9%, to 96 cents
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