Uxin Clocks ~79% Revenue Growth In Q2

• Uxin Ltd (NASDAQ: UXIN) reported second-quarter FY23 sales growth of 78.9% year-on-year, to RMB618.8 million ($87 million).

• The transaction volume for the quarter was 6,050 units, a 65.8% jump from last year.

• The gross margin for the quarter was 1.3% versus 4.2% last year.

• The operating loss for the quarter expanded to RMB(106.4) million or $(15) million.

• The company held RMB24.4 million ($3.4 million) in cash and equivalents as of September 30, 2022.

• Non-GAAP adjusted loss per share for the quarter was RMB(0.07) versus a loss of RMB (0.05) last year.

• "As COVID-19 control measures ease in China and regulators continue to implement industry-boosting policies across the nation, we are confident and prepared to capitalize on the growing opportunities in the coming new year," said Kun Dai, Founder, Chairman and CEO of Uxin.

• Outlook: Uxin sees Q3 revenue of RMB450 million – RMB460 million.

• Price Action: UXIN shares are trading higher by 7.28% at $3.39 in premarket on the last check Friday.

• Photo Via Company

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