Aurora Mobile Reports Higher Revenue, Wider Loss
The stock of Aurora Mobile Ltd. (Nasdaq: JG) ended down 6 percent Thursday, at $6.26 per American depositary share, after the company posted financials for the first quarter.
The Shenzhen-based provider of big data solutions for mobile applications said in a statement today that its revenue during the three months through March increased 82 percent year-over-year to $34.3 million.
The company's net loss for the period was $3.5 million compared with $3.2 million in the same period of 2018.
The number of mobile apps using Aurora's services during the quarter increased to 1.1 million from 785,000, according to the report. The number of paying customers increased to 1,951 in the first quarter from 1,348 in the prior-year period.
"This healthy and steady growth of our operational data as well as a higher number of paying customers and average spending per paying customer drove revenue growth during the quarter," the chairman and chief executive officer of Aurora, Weidong Luo, said in the statement.
Shan-Nen Bong, the chief financial officer of Aurora, added, "We continued to generate strong growth across the board. Operating expenses grew by only 70% year-over-year, well below the pace of revenue growth, as our business continues to grow to scale. We maintain a healthy level of working capital at RMB583 million as of March 31, 2019, to drive growth momentum."
Aurora Mobile, also known by its Chinese name Jiguang, raised $77 million through its initial public offering in New York a year ago.
Looking ahead, Aurora forecast revenue in the range of 285 million yuan and 295 million yuan for the second quarter, representing year-over-year growth of between 73 and 79 percent.
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