Oneconnect Financial Technology Down 4.15% To $2.31 After Earnings Beat

Oneconnect Financial Technology (OCFT) said before open Monday that it lost $0.311 per share in quarter four 2023.

On the revenue line, the company reported $128.3 million, missing estimates by $14.4 million.

In the same quarter a year ago, the company lost $0.67 per share on revenue of $174.6 million.

The stock is down 4.15% to $2.31 after the report.

Oneconnect Financial Technology's profit margins took a hit as earnings fell at a faster pace than revenues.

The average recommendation from Wall Street analysts was a Hold which may get revised based on this new data.

Trading in the five days leading up to the report earned Oneconnect Financial Technology a Bullish Sentiment Rank from InvestorsObserver.

Prior to the report, InvestorsObserver gave the stock an overall score of 29. Meanwhile, the average Wall Street analyst rated the stock a Hold.

OneConnect Financial Technology Co Ltd is a provider of technology platforms. Its platform provides cloud-native technology solutions that integrate financial services with market technology. The company offers technology applications and technology-enabled business services to financial institutions in China. Its technology solutions cover multiple verticals in the financial services industry, including banking, insurance and asset management, across the full scope of their businesses from sales and marketing and risk management to customer services and operations, as well as technology infrastructures such as data management and cloud services. The firm operates in two segments namely Technology Solutions which is the key revenue driver and Virtual Bank Business.