ATRenew Stock Falls As Q3 Revenue Misses Street View

by Shivani Kumaresan, Benzinga Staff Writer

November 22, 2022 10:22 AM | 1 min read | Make a Comment

ATRenew Inc RERE reported third-quarter FY22 sales growth of 29.2% year-on-year, to RMB2.5 billion ($356.5 million), missing the consensus of $363.81 million.
Product revenue increased 33.7% to RMB2.2 billion, and service revenue rose 4.4% to RMB310.3 million.
Total operating costs and expenses for the quarter climbed 25.4% to RMB2.66 billion.
The operating loss for the quarter was RMB (110) million versus RMB (150) million last year.
The company held $375.7 million in cash and equivalents as of September 30, 2022.
Adjusted net income per ordinary share was RMB0.46 or $0.06, compared to negative RMB (0.14) in the same period of 2021.
Outlook: The company expects Q4 revenue of RMB2.93 billion - RMB3.03 billion.
Price Action: RERE shares are trading lower by 6.36% at $1.62 on the last check Tuesday.