Ding Dong Buy vegetable Q1 revenue of 5 billion yuan fell 8.2% compared with the same period last year, with the goal of breaking even this year.
CTOnews.com May 14 news, Ding Dong Buy recently released financial results for the first quarter of 2023, which ended March 31. According to the financial report, Ding Dong's total revenue in the first quarter was 4.9975 billion yuan ($727.7 million), down 8.2% from a year earlier, with a net loss of 52.4 million yuan ($7.6 million), compared with a net loss of 477.4 million yuan in the same period in 2022. Without Non-GAAP, the net profit was 6.1 million yuan ($900,000), compared with a net loss of 4.222 billion yuan in the same period last year.
Ding Dong's GMV fell 6.8% year-on-year in the first quarter of 2023 to 541.2 million yuan ($793.8 million) from 581.3 million yuan in the same quarter of 2022, mainly due to a decline in consumer demand in the first quarter of 2023, as most epidemic restrictions have been lifted.
As of March 31, 2023, Ding Dong had cash and cash equivalents and short-term investment of 5.7002 billion yuan ($830 million), compared with 6.493 billion yuan as of December 31, 2022.
Yu Le, chief strategy officer of Ding Dong Buy, said: "in the first quarter of 2023, we achieved GMV of 5.45 billion yuan, down 6.8% from the same period last year; and revenue of 5 billion yuan, down 8.2% from the same period last year. From month to month, our GMV in January and February increased by 5.3% compared with the same period last year, while the decline in March was compared with the high base figure caused by the epidemic in Shanghai in March last year. The annual base, gross profit margin, performance expense rate, sales and marketing expense rate, GambiA expense rate and product development expense rate have all been optimized. Our success in the first quarter has increased our confidence in achieving non-GAAP break-even ability for the full year 2023. "
CTOnews.com with Ding Dong Buy's main financial performance data for the first quarter of 2023:
