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What: Shares of Bitauto (NYSE:BITA) have plunged today by as much as 18% after the company reported first-quarter earnings.

So what: Revenue in the first quarter added up to $38.6 million, which translated into non-GAAP profits of $3.7 million. The top and bottom lines were up 34.6% and 29.1% relative to a year ago, but investors were still left wanting more. The results were in line with Bitauto's guidance.

Now what: The company has shifted to a new reporting structure with four distinct segments. The advertising business is the biggest moneymaker, growing 57% during the quarter. CEO William Li said the company is focusing on boosting awareness of its brand, enhancing its platform, and investing in the used-car business. Second-quarter sales are expected in the range of $52.3 million to $53.9 million.

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Fool contributor Evan Niu, CFA, has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.