MOGU Shares Pop On $10M Share Buyback Plan, Q1 Revenue Dips 31%

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Chinese online fashion and lifestyle destination MOGU Inc MOGU reported a first-quarter FY22 revenue decline of 30.6% year-on-year to $14.2 million.
Segments: Commission revenues decreased by 23.7% Y/Y to $10.1 million.
Marketing services revenues declined by 64.0% Y/Y to $1.3 million.
Financing solutions revenues contracted by 5.1% Y/Y to $1.8 million.
Other revenues decreased by 38.6% Y/Y to $1.1 million.
Drivers: Live Video Broadcast (LVB) GMV grew 14.7% Y/Y, accounting for 90.8% of total GMV.
Gross Merchandise Value (GMV) declined 8.2% Y/Y to $443.6 million.
Adjusted EBITDA loss widened to $(3.9) million.
Net loss per ADS of $(0.15).
MOGU held $120.2 million in cash and equivalents and used $1.8 million in operating cash flow.
Share Buyback: The board approved a new share buyback program of up to $10 million of its shares, effective until August 26, 2022.
Price Action: MOGU shares traded higher by 13.13% at $1.12 in the premarket session on the last check Friday.