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Omar Venerio
Omar Venerio
Articles (1513) 

Wall Street Pushes Higher Monday

Jianpu Technology jumps on financial results

U.S. stocks were in positive territory on Monday, with investors confident about reaching a final solution to the U.S.-China trade conflict. The Dow Jones Industrial Average jumped 0.48% to 26,156, the S&P 500 index rose 0.31% to 2,801 and the Nasdaq Composite Index advanced 0.39% to 7,557.

Shares of the Jianpu Technology Inc. (NYSE:JT) jumped almost 6% after the company announced fourth-quarter 2018 results on Monday. Revenue grew 67.3% from the prior-year quarter to $107.9 million, beating estimates by $10.01 million. 

The gross profit rose 70.2% to 674.5 million yuan ($98.1 million) from 396.4 million yuan in the third quarter. The gross margin was 90.9%, up from 89.3% in the previous quarter.

"We're pleased to have hit a record high in total revenues of approximately RMB742 million for the fourth quarter, a 27% year-over-year increase and 67% on a sequential basis, in what is historically our strongest quarter," Chief Financial Officer Oscar Chen said.

Looking ahead to the first quarter of 2019, the company expects total revenues to be 600 million yuan to 630 million yuan, representing an increase between 79% and 88% on a year-over-year basis.

Gainers

Losers

Global markets

The main European stock markets traded higher. The U.K.'s FTSE 100 gained 0.07%, France's CAC 40 rose 0.31%, Germany's Dax swelled 0.42% and Spain's IBEX 35 was flat.

In Asia, Japan's Nikkei 225 rose 0.48%, India's BSE Sensex surged 0.95%, Hong Kong's Hang Seng advanced 0.50% and China's Shangai Composite climbed 5.60%.

Disclosure: The author holds no positions in any stocks mentioned.

About the author:

Omar Venerio
Omar Venerio is a capital markets, derivatives, corporate finance and financial management professor and Area Head of Finance. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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