Chinese e-commerce platform Vip.com recently published its unaudited financial report for the first quarter ended March 31, 2017 and the results exceeded the expectations of many Wall Street analysts.
While announcing the financial report, Vip also stated that it would separate its Internet finance business and restructure its logistics business to create new business growth engines. With this move, Vip will establish a strategic matrix formed by e-commerce, finance, and logistics.
Due to the continuous growth of Vip's total active users, repeated buyers, and total orders, the company achieved net operating revenue of CNY15.95 billion during the first quarter of 2017, representing a year-on-year increase of 31.1%; and its gross profit was CNY3.69 billion, a year-on-year increase of 25%. Meanwhile, Vip's number of active users saw a year-on-year increase of 32% to 26 million; and its total orders saw a year-on-year increase of 23% to 72.1 million.
With the optimization and upgrade of the company's strategy and innovation ability, Vip's net profit attributable to shareholders reached CNY551.9 million during the reporting period, a year-on-year increase of 16.3%.
If basing the results on non-GAAP calculations, the company's net profit was CNY799.4 million, a year-on-year increase of 28.2%.
Be the first to comment on "Vip.com Will Separate Internet Finance Business"