Oneconnect Financial Technology Co Ltd (OCFT) has released an update.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
OneConnect Financial Technology Co., Ltd. is facing a potential downturn as key connected customers, contributing up to 19.2% of its total revenue, plan to stop using its cloud services. The company’s revenue from these services was a significant part of its total earnings for the past two years, and while it is in talks with these customers about the transition, the future usage of its services by other customers remains uncertain. OneConnect is assessing its business strategy and has assured that other business operations, including its strategic relationship with Ping An Insurance, will not be affected.
For further insights into OCFT stock, check out TipRanks’ Stock Analysis page.
Trending Articles:
- “The No. 1 Destination for the Most Talented Artists”: Netflix Stock (NASDAQ:NFLX) Notches Up as the Duffer Brothers Consider Jumping Ship
- “Breakthrough EVs”: Ford Stock (NYSE:F) Notches Up on New Battery Details
- “An Equity Stake”: Intel Stock (NASDAQ:INTC) Surges as U.S. Government May Buy In With CHIPS Act Money