China Finance Online Co. Limited (NASDAQ GS: JRJC) was down in the pre-market session. The only factor influencing the drop could be the report yesterday. A leading web-based financial services firm JRJC announced its unaudited financial results for the third quarter and first nine months ended September 30, 2020.
3rd Quarter 2020 Financial Highlights
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Net loss started to decline.
China Finance Online posted an adjusted net loss of $1.5 million in the third quarter of 2020, compared with $2.1 million in the third quarter of 2019.
Net sales rose by 32.9% y-o-y and 9.8% q-o-q to $10.7 million.
Revenue from the data and informational sector, accounting for 46.5 percent of overall revenue in the third quarter of 2020, rose by 108.0 percent year over year to S$5 million, fueled by growth in individual investor subscriptions by 139.6 percent and an increase in investment advisory services of 176.3 percent.
Because of the rise in the financial information and consulting sector, gross margin rose to 64.4% in the third quarter of the year from 62.3% in the second quarter of the year and 63.3% in the third quarter of the previous year.
Robo-Advisors has an encouraging sign because, in the study recently released by Tsinghua University, Lingxi Robo-Advisor won the Top 10 Best Robo-Advisors.
Highlights from First Nine Months of 2020
Net sales for the first nine months of the year ended up being $30.3 million compared to $26.8 million for the same duration of the previous year.
The sales from the financial information and consulting sector increased by 54.1% annually and accounted for 43.2% of overall revenues in the first nine months of 2020.