Fintecom has suffered another round of cuts.
The company has reported its third-quarter results, and the results have been quite disappointing.
The loss in sales for the quarter was 1.2 per cent.
Sales fell to $1.9bn, a drop of nearly 9 per cent from the same period last year.
In other words, the company has lost money in the last three months.
It has been a disappointing quarter for Fintek, but the company’s stock is still up, and is still valued at $1,400.
That is a good price for the company, which has been under pressure in recent years from competition from Chinese and Indian tech giants.
Fintesco’s CEO, Daniel Hildreth, told CNBC the company had struggled in recent quarters, which had been driven by the drop in internet sales.
“The reason we were struggling in the second quarter was because we lost a lot of money,” he said.
That’s a really big loss, a $1bn loss.””
Our biggest challenge was the loss in internet revenue.
That’s a really big loss, a $1bn loss.”
We were in a really good position in the third quarter, but that was also driven by things like the rise of the Chinese market.
We lost $1 billion in third quarter internet revenue because we were not able to do the things we had planned.
“It’s also the second consecutive quarter in which Fintecco has had to cut staff numbers.
Fretecom is currently trying to turn around the business and is hoping to return to profitability in the next two to three years. “
We lost our best people,” Mr Hildroth said.
Fretecom is currently trying to turn around the business and is hoping to return to profitability in the next two to three years.
Fintel’s shares are up almost 1 per cent since its latest earnings report was released.
It’s down by a third from a year ago.