Bitauto Announces Q1 2020 Fiscal Results

Bitauto has announced the Q1 2020 fiscal results of the company. According to the details, the company has generated a total revenue of RMB1.74 billion in the Q1 2020 as compared to the previous quarter of 2.63 billion. The gross profit of the company was RMB1.111 billion as compared to the RMB1.67 billion in the previous quarter of 2019.

The company has reported the net loss of RMB1.28 billion in the Q1 2020 as compared to the RMB92.8 million in the previous quarter 2019. The Non-GAAP net loss of the company in the Q1 2020 was RMB1.04 billion as compared with the RMB284.7 million of the previous quarter of 2019. The net loss attributable to the company in the Q1 2020 was RMB643.5 million as compared to the RMB152.1 million in the previous quarter of 2019.

Chief Executive Officer of Bitauto, Mr. Andy Zhang said, “The COVID-19 outbreak and subsequent nationwide lockdown contributed to a significant year-over-year decline in new passenger vehicle sales for the first quarter of 2020, adversely impacting our advertising and transaction businesses. However, we were pleased that our key operational metrics maintained stable growth despite the challenging situation.”

“We were encouraged that daily active users (DAU) of our Bitauto media app and the combined DAU of both the Bitauto media app and Auto Pricing app increased by 259% and 46%, respectively, in April 2020 compared with October 2018, when we introduced the upgraded Bitauto app, according to QuestMobile. Despite the industry headwinds, our overall number of sales leads in the first quarter remained resilient with only a slight decline year-over-year and the proportion of our organic sales leads maintained an upward trajectory, reaching approximately 73%.” Mr. Andy further added.

“With continuous improvement in the quantity and quality of our sales leads, our subscription business continued to gain recognition from our dealer customers. As a result, our annual retention rate for paying subscribers achieved a record high in the first quarter of 2020. We also further enhanced ARPU as more dealer customers upgraded to our premium and deluxe premium services packages,” Mr. Andy concluded.

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