China Finance Online Co. (NASDAQ:JRJC) tumbles on revealing its bottom line losses continued to narrow year-over-year.
The Beijing-based web-based financial services company reported a Q3 loss of $0.66 per share, versus a year-ago loss of $0.91 per share. Its net revenue climbed to $10.7 million from $8.1 million.
Net loss attributable to China Finance Online was $1.5 million, compared with a net loss of $2.1 million in the third quarter of 2019.
Net revenues grew 32.9% year-over-year and 9.8% quarter-over-quarter to $10.7 million.
Revenues from the financial information and advisory business, accounted for 46.5% total revenue in the third quarter of 2020, were up 108.0% year-over-year to $5.0 million , powered by 139.6% growth in individual investor subscription and 176.3% growth in investment advisory services.
Due to the growth of financial information and advisory business, gross margin increased to 64.4% from 62.3% in the third quarter of 2019 and 63.3% in the second quarter of 2020.
In the 2020 China Robo-Advisor Industry report recently published by Tsinghua University, Lingxi Robo-Advisor won the Top 10 Best Robo-Advisors.
CEO Zhiwei Zhao that "During the third quarter, we continued to expand our top line as our financial information and advisory business experienced robust growth in a market that participation keeps reaching new highs among retail investors.
“We are pleased that our years of accumulated experience in fintech and wealth management are gaining popularity and showing results. Through our product mix change and vigorous cost controls, we further reduced our bottom-line loss in the third quarter as well."
JRJC shares headed earthward $1.69, or 15.4%, to $9.30.
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