Dada Nexus Ltd DADA reported second-quarter FY23 sales of $401.37 million, missing the analyst consensus of $418.25 million.
Total net revenue of RMB 2.810 billion increased 23.2% Y/Y.
Segment Revenue: Dada Now climbed 20.2% to RMB 980.4 million and JDDJ jumped by 24.9% to RMB 1.830 billion.
General and administrative expenses in the quarter were RMB 56.4 million, compared to RMB 99.9 million last year.
Loss from operation narrowed to RMB(196.95) million.
Dada held RMB 3.95 billion in cash and equivalents as of June 30, 2023.
Adjusted EPS of $0.00 beat the consensus estimate of $(0.02).
"We are proud to announce our first-ever positive quarterly non-GAAP net income," said President Jeff He.
Outlook: For Q3, DADA expects net revenues of RMB 2.8 billion - RMB 3.00 billion, representing a 17.6% - 26% growth Y/Y.
Price Action: DADA shares closed lower by 2.06% at $5.35 on Tuesday.
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