Biz / Tech

Jianpu Technology loss narrows during latest quarter

Zhu Shenshen
Online finance platform Jianpu saw its loss shrink 98 percent over the fourth quarter thanks to its booming finance discovery and recommendation business.
Zhu Shenshen

New York-listed Jianpu Technology posted a narrowed  fourth-quarter loss thanks to its booming online finance discovery and recommendation business in China, the company said on Tuesday. 

As an independent online finance platform, Jianpu’s loss contracted to 6.6 million yuan (US$932,541) in the fourth quarter, down 98 percent from the previous quarter. Revenue reached 290 million yuan, beating analyst expectations. 

Business growth mainly came from online credit card recommendation business, said Jianpu, which has 150 million users and over 2,000 finance partners, including banks.

Jianpu expects revenue to reach 130 to 140 million yuan in the first quarter of 2020. It predicts that “opportunities will accompany challenges and the impact of the COVID-19 outbreak.”

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