Oneconnect Financial Technology Co Ltd (OCFT) has released an update.
Don't Miss Our Christmas Offers:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
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.
