Uxin Clocks ~79% Revenue Growth In Q2

Uxin Ltd 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.
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