Jianpu Technology Inc, which offers online discovery and recommendations of financial products in China, has posted better-than-expected revenue in the third quarter, the New York-listed company reported Tuesday.
A banner for Jianpu Technology Inc. hangs on the front of the New York Stock Exchange (NYSE) to celebrate the company's IPO in New York, US, November 16, 2017. (File photo: VCG)
It will increase investment in technology and AI talent as well as customizing recommendations.
The net loss of Jianpu was 53.5 million (US$7.8 million) in the third quarter, slightly down from 61.1 million in the previous quarter. Revenue reached 444 million yuan in the quarter, 7 percent higher than the previous expectation of 415 million yuan.
“We maintained robust momentum in our credit card business (as well as) strong growth in our big data and risk management business,” said David Ye, chairman and chief executive officer of Jianpu.
“We opted for a more balanced strategy between growth and efficiency and benefited from the traffic growth driven by social media and partner initiatives."
Credit card volume was approximately 2 million in the third quarter, an increase of approximately 82 percent from a year ago.
JT’s revenue for credit cards increased by 175 percent year-on-year to hit 204.9 million yuan.
As a third-party online firm, JT only provides search, recommendations and companion services, which depend on advanced technologies as well as financial skilled and high-tech personnel.