By Josh Beckerman
Dingdong (Cayman) American depositary receipts were down 11% Friday after the grocery delivery company reported a 27% second-quarter revenue decline, citing comparisons with high demand in 2022 due to Covid-19 restrictions and short-term macro headwinds.
The ADRs recently traded at $1.83 and are down 57% for the year to date.
Revenue declined to 4.84 billion yuan ($667.6 million) from CNY6.63 billion. Adjusted earnings were CNY7.5 million, down from CNY20.6 million a year earlier.
Dingdong said it is “highly confident in our ability to achieve non-GAAP profitability in the remaining quarters and for the full year 2023.”
Write to Josh Beckerman at [email protected]
Read the full article here
