- Uxin Ltd (NASDAQ:UXIN) reported second-quarter FY23 sales growth of 78.9% year-on-year, to RMB618.8 million ($87 million).
- The transaction volume for the quarter was 6,050 units, a 65.8% jump from last year.
- The gross margin for the quarter was 1.3% versus 4.2% last year.
- The operating loss for the quarter expanded to RMB(106.4) million or $(15) million.
- The company held RMB24.4 million ($3.4 million) in cash and equivalents as of September 30, 2022.
- Non-GAAP adjusted loss per share for the quarter was RMB(0.07) versus a loss of RMB (0.05) last year.
- “As COVID-19 control measures ease in China and regulators continue to implement industry-boosting policies across the nation, we are confident and prepared to capitalize on the growing opportunities in the coming new year,” said Kun Dai, Founder, Chairman and CEO of Uxin.
- Outlook: Uxin sees Q3 revenue of RMB450 million – RMB460 million.
- Price Action: UXIN shares are trading higher by 7.28% at $3.39 in premarket on the last check Friday.
- Photo Via Company
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The CNN Money Fear and Greed index showed an improvement in sentiment among investors followings signs that China’s government may begin to ease its strict COVID-19 restrictions amid protests in the country.
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