- Dingdong (Cayman) Limited DDL reported first-quarter FY22 revenue growth of 43.2% year-on-year to $858.7 million.
- GMV increased by 36.0% Y/Y to $923.0 million.
- The total number of orders rose by 15.6% Y/Y to 80.6 million.
- Product revenues were $847.9 million, up 43.1% Y/Y, driven by the increase in the number of orders and average order value.
- Service revenues were $10.8 million, up 52.7% Y/Y, driven by a higher number of customers subscribing to Dingdong's membership program.
- The gross margin improved Y/Y from 18.9% to 28.7%.
- Non-GAAP EPS loss was $(0.21).
- Dingdong held $765.5 million in cash and equivalents and used $60.8 million in operating cash flow.
- Changlin Liang, Founder and Chief Executive Officer of Dingdong, stated, "During the first quarter of 2022, we maintained solid growth momentum in revenue, order numbers and average order value, while our net loss margin further narrowed substantially. Our strategy of prioritizing product capabilities as our primary growth driver has proven successful, and we believe that Dingdong is on a solid path to profitability."
- Price Action: DDL shares traded higher by 5.26% at $4.60 in the premarket on the last check Wednesday.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.