TOUR - Tuniu plunges 13.7% despite improved Q3 results

Tuniu ([[TOUR]] -13.7%) reports Q3 revenue decrease of 85.5% Y/Y to RMB123.6M, due to the negative impact brought by the outbreak and spread of COVID-19.Packaged tours revenues decreased 88.4% Y/Y to RMB86.4M, due to the decline in travel to international destinations impacted by the outbreak and spread of the pandemic.Other revenues too decreased 64.8% Y/Y to RMB37.1M, due to the declines in service fees received from insurance companies and revenues generated from financial services.Gross margin improved 810 bps to 52.7%.Adj. operating expenses declined 69.4% to RMB118.2M.The Company had cash, equivalents, restricted cash and short-term investments of RMB1.6B.The COVID-19 pandemic has negatively impacted business operation and cash flows for Q3 2020, which could continue to impact on subsequent periods.Q4 2020 Guidance: Net revenues of RMB112.8-135.4M, which represents 70% to 75% decrease Y/Y."In Q3, as China's domestic travel industry further recovered, Tuniu's revenues continued to improve with declining operating expenses for the third consecutive quarter as our

For further details see:

Tuniu plunges 13.7% despite improved Q3 results