Benzinga | Dec 1, 2021 06:46AM EST

Huize Clocks 9.6% Revenue Decline In Q3 On Weaker Broker Commissison; Lifts FY21 Outlook

* Huize Holding Ltd (NASDAQ:HUIZ) reported a third-quarter FY21 revenue decline of 9.6% year-on-year to $48.9 million. The decrease was primarily due to a lower average brokerage commission rate.

* Brokerage income declined 9.8% Y/Y to $48.5 million.

* Gross Written Premiums increased by 24% Y/Y to $149.8 million. First-year premiums rose 42.7% Y/Y.

* Loss per share was RMB(0.08) versus EPS of RMB0.01 last year. The operating loss was $(12.2) million.

* Huize held $84.1 million in cash and equivalents.

* "We are very pleased to deliver a quarter of robust growth in both GWP and FYP of 24.0% and 42.7% year-over-year respectively amidst the current challenging macroeconomic and industry conditions in China," CEO Cunjun Ma said.

* Outlook: Huize raised the FY21 revenue outlook from $263 million to $295 million - $310 million above the consensus of $263.1 million.

* Price Action: HUIZ shares closed lower by 8.62% at $1.59 on Tuesday.