Latest news for Missfresh (OTC:MFLTY) Stock

Missfresh Ltd an online-and-offline integrated on-demand retail business offering fresh produce and fast-moving consumer goods. Through its "Missfresh" mobile application and Mini Program embedded in third-party social platforms, which feature substantially similar user interface and functions, consumers can purchase grocery at their fingertips and receive products delivered by its delivery riders to their doorstep. The Group's assets are located in the PRC and its revenues are derived from within the PRC.

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MFLTY

Citigourp Global Markets 2% Protected Notes Linked To The Djia

Key Takeaways:


	Dingdong’s revenue grew slightly in the first quarter, ending more than a year of revenue contraction
	The company recorded its second quarterly net profit since its listing and said it expects both revenue and profit to post “considerable year-over-year growth” this year


By Doug Young

Dingdong Rings Back To Revenue Growth, Posts Quarterly Net Profit

MISSFRESH LIMITED ADR by Missfresh Limited

Missfresh Ltd

In a fresh line of attack, <a href="https://www.benzinga.com/topic/donald-trump">Donald Trump</a> targeted <a href="https://www.benzinga.com/topic/kamala-harris">Vice President Kamala Harris</a>'s prosecutorial record on marijuana, telling Fox News that she &#8220;put thousands and thousands of Black people in jail over marijuana.
"She was a bad prosecutor. She was a prosecutor of Black people," Trump said Monday on Fox News' "The Ingraham Angle." 
&#8220;She put thousands and thousands of black people in jail over marijuana. But when it came to big crime, murders and everything else, she was weak,&#8221; the former president told Laura Ingraham in an interview.
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Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/07/40001997/kamala-harriss-hearty-laugh-why-does-it-bother-donald-trump-and-his-followers-so-much">From Attorney General To VP To Potential President. What Is Vice President Kamala Harris&#8217; Net Worth?</a>
The narrative of Harris&#8217;s aggressive cannabis prosecutions has followed her since her 2020 Democratic presidential bid. When President <a href="https://www.benzinga.com/markets/cannabis/24/07/39874209/joe-biden-drops-out-what-would-happen-with-cannabis-legalization-under-kamala-harris-or-donald-t">Biden dropped out of the race</a> and named Harris as the presumptive nominee, criticism over her rulings as a prosecutor re-emerged.
<h1 class="wp-block-heading">What Say You, VP Harris?</h1>
"Before I was elected as vice president, before I was elected as United States senator, I was the elected attorney general, as I&#8217;ve mentioned, of California. And before that, I was a courtroom prosecutor," Harris <a href="https://www.npr.org/2024/07/29/nx-s1-5048532/harris-prosecutor-trump-election">told</a> campaign staffers the day after Biden endorsed her to take his place at the top of the Democratic ticket. While Harris may have been grandstanding her prowess as a tough prosecutor for Trump&#8217;s sake, voters on the left often referred to Harris as a cop.
"And they didn't mean that as a compliment," Paul Butler, a law professor at Georgetown and a former public prosecutor, told NPR.
When Harris ran for president five years ago, her time as a prosecutor was a liability as she was often criticized for her record on marijuana, which of course <a href="https://www.benzinga.com/markets/cannabis/24/07/39890659/kamala-harris-u-turn-on-cannabis-heres-where-she-stands-on-weed-legalization-now">has changed</a>. 
Though Trump's attack is misleading, one wonders if he is making his first moves to position himself against cannabis criminalization by bringing Harris to task and laying the mass incarceration of Black people for cannabis at her doorstep? Analysis conducted by the American Civil Liberties Union <a href="https://graphics.aclu.org/marijuana-arrest-report/">shows</a> that Black people are 3.6 times more likely than white people to be arrested for marijuana possession, despite similar usage rates.
<h1 class="wp-block-heading">Exactly How Many Cannabis Convictions Were There Under Prosecutor Harris?</h1>
As attorney general between 2004 and 2010 Harris oversaw roughly&nbsp;1,956 misdemeanor and felony convictions&nbsp;for "marijuana possession, cultivation, or sale," according to a 2020&nbsp;<a href="https://www.reuters.com/article/uk-factcheck-kamalaharris-five-claims/fact-check-misleading-meme-featuring-five-claims-about-kamala-harris-idUSKBN25H2F2/">Reuters fact check</a>. However, defense attorneys and prosecutors in Harris' office&nbsp;<a href="https://www.mercurynews.com/2019/09/11/kamala-harris-prosecuting-marijuana-cases/" target="_blank" rel="noreferrer noopener">told</a>&nbsp;the Mercury News last week&nbsp;that most of the people convicted during this period did not serve jail time. Convictions for marijuana also went down&nbsp;under Harris' tenure as district attorney.
Now Read: 
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/07/40045648/kamala-harris-gains-on-trump-in-his-home-state-of-florida-why-cannabis-legalization-and-abortion">Kamala Harris Gains On Trump In His Home State Of Florida: Why? Cannabis Legalization And Abortion Access</a></li>
</ul>
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Cannabis

Government

News

Politics

Legal

Trump Says Harris Jailed 'Thousands And Thousands Of Black People' Over Marijuana In Her Years As Prosecutor, In Gross Exaggeration

NASA, Northrop Grumman, And SpaceX Target 11:28 A.M. EDT On Saturday, Aug. 3, For Next Launch To Deliver Science Investigations, Supplies, And Equipment To International Space Station

NorthWestern Energy Expects To Maintain Dividend Payout Ratio Within Targeted 60-70% Range Over The Longer-Term

&quot;We are also affirming our long-term (5 year) diluted earnings per share growth&nbsp;guidance&nbsp;of&nbsp;4%&nbsp;to&nbsp;6%&nbsp;from a 2022 base year of&nbsp;$3.18&nbsp;diluted earnings per share on a non-GAAP basis. We expect rate base growth of&nbsp;4%&nbsp;to&nbsp;6%.&quot;

Guidance

NorthWestern Energy Affirms 2024 EPS Guidance Of $3.42 - $3.62 (Est $3.50) And $500M Capital Plan

NorthWestern (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NWE#NASDAQ">NWE</a>) reported quarterly earnings of $0.53 per share which missed the analyst consensus estimate of $0.54 by 1.85 percent. This is a 51.43 percent increase over earnings of $0.35 per share from the same period last year. The company reported quarterly sales of $319.900 million which beat the analyst consensus estimate of $310.402 million by 3.06 percent. This is a 10.12 percent increase over sales of $290.500 million the same period last year.

Earnings

Earnings Beats

Earnings Misses

NorthWestern Q2 2024 Adj. EPS $0.53 Misses $0.54 Estimate, Sales $319.900M Beat $310.402M Estimate

&quot;Market conditions for compression remain highly constructive, predominantly in oil plays with associated gas production like the Permian Basin.&quot;

AROC

Archrock Reaffirms 2024 Adjusted EBITDA Guidance Range Of $510M - $540M

Archrock (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AROC#NYSE">AROC</a>) reported quarterly earnings of $0.22 per share which missed the analyst consensus estimate of $0.25 by 12 percent. This is a 37.5 percent increase over earnings of $0.16 per share from the same period last year. The company reported quarterly sales of $270.526 million which missed the analyst consensus estimate of $270.604 million by 0.03 percent. This is a 9.28 percent increase over sales of $247.543 million the same period last year.

Archrock Q2 2024 GAAP EPS $0.22 Misses $0.25 Estimate, Sales $270.526M Miss $270.604M Estimate

TFS Financial (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TFSL#NASDAQ">TFSL</a>) reported quarterly earnings of $0.07 per share which beat the analyst consensus estimate of $0.06 by 16.67 percent. This is a 16.67 percent increase over earnings of $0.06 per share from the same period last year. The company reported $75.518 million in sales this quarter. This is a 1.20 percent increase over sales of $74.622 million the same period last year.

TFSL

TFS Financial Q3 2024 GAAP EPS $0.07 Beats $0.06 Estimate, Sales $75.518M Up From $74.622M YoY

NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) shares are trading higher in Tuesday&#8217;s after-hours session in sympathy with Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>), which got a lift from strong <a href="https://www.benzinga.com/news/earnings/24/07/40051646/amd-shares-rebound-after-chipmaker-posts-q2-beat-guidance-tops-expectations-ceo-lisa-su-says-ai-bus">second-quarter earnings results</a>.
What Happened With AMD: AMD reported second-quarter revenue of $5.835 billion, beating <a href="https://www.benzinga.com/calendars/earnings">analyst estimates</a> of $5.724 billion. The chipmaker reported adjusted earnings of 69 cents per share, beating analyst estimates of 68 cents per share.
&#8220;We delivered strong revenue and earnings growth in the&nbsp;second quarter&nbsp;driven by record Data Center segment revenue. Our AI business continued accelerating and we are well positioned to deliver strong revenue growth in the second half of the year led by demand for Instinct, EPYC and Ryzen processors,&#8221; said Lisa Su, chair and CEO of AMD.
&#8220;The rapid advances in generative AI are driving demand for more compute in every market, creating significant growth opportunities as we deliver leadership AI solutions across our business.&#8221;
AMD said it expects third-quarter revenue to be between $6.4 billion and $7 billion versus estimates of $6.61 billion. The company anticipates third-quarter gross margin of approximately 53.5%. AMD also said on its conference call that it expects GPU revenue to exceed $4.5 billion this year, up from its prior forecast of approximately $4 billion. 
AMD shares were up more than 7% in extended trading at last check.
Related Link: <a href="https://www.benzinga.com/news/earnings/24/07/40051646/amd-shares-rebound-after-chipmaker-posts-q2-beat-guidance-tops-expectations-ceo-lisa-su-says-ai-bus">AMD Shares Rebound After Chipmaker Posts Q2 Beat, Guidance Tops Expectations: CEO Lisa Su Says AI Business Accelerating</a>
Why It Matters: Nvidia has been the biggest beneficiary of the <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/07/39957087/fabrinet-the-ai-secret-weapon-powering-nvidias-data-center-boom">AI boom</a>, but the stock sold off in recent weeks as investors braced for big tech earnings. AMD&#8217;s upside surprise and commentary surrounding data center and AI strength appear to be spurring a bounce in Nvidia shares after the bell.
Nvidia is not due to report earnings for the second quarter until late August. The company is expected to report earnings of 64 cents per share and revenue of $28.465 billion. Nvidia has beat analyst estimates on the top and bottom lines in six consecutive quarters, according to <a href="http://pro.benzinga.com">Benzinga Pro</a> data.
NVDA Price Action: Nvidia shares initially traded down below the $101 level in extended trading before staging a sharp reversal. The stock was up 2.88% in after-hours, trading at $106.72 at the time of publication, according to price data from <a href="http://pro.benzinga.com">Benzinga Pro</a>.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/07/40051051/microsoft-q4-earnings-highlights-revenue-beat-eps-beat-cloud-revenue-up-21-yoy-ensuring-we-lead-the">Microsoft Q4 Earnings Highlights: Revenue Beat, EPS Beat, Cloud Revenue Up 21% YoY, &#8216;Ensuring We Lead The AI Era&#8217;</a></li>
</ul>
Photo: Shutterstock.

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NVDA

Nvidia Stock Is Surging After The Bell: What's Going On?

Founded in 2015, Holisto continues to be led by its founders and operates independently. The team comprises about 250 people working from its headquarters in Israel and in other global locations.

TRVG

Trivago Reveals Strategic Investment In Holisto, An AI-driven Travel Tech Platform That Serves As Hotel Rate Aggregator And White-label Booking Engine Provider

Caesars Entertainment Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CZR#NASDAQ">CZR</a>) shares are up after the company reported its second-quarter financial results Tuesday. Here's a look at the <a href="https://www.benzinga.com/pressreleases/24/07/b40049728/caesars-entertainment-inc-reports-second-quarter-2024-results">details from the report.&nbsp;</a>
The Details: Caesars Entertainment reported quarterly revenue of $2.83 billion which missed the analyst consensus estimate of $2.867 billion by 1.28% and represents a 1.7% decrease from the same period last year. The company missed the consensus estimate for earnings of 13 cents per share and reported earnings of 0.
Read Also: <a href="https://www.benzinga.com/news/earnings/24/07/40023781/sprouts-farmers-market-stock-is-up-on-q2-results-strong-q3-guidance">Sprouts Farmers Market Stock Is Up On Q2 Results, Strong Q3 Guidance</a>
&#8220;On a consolidated basis, the Company generated $1 billion of Adjusted EBITDA. Our operating results reflect year-over-year growth in Adjusted EBITDA in our Las Vegas segment driven by record same-store revenues, hotel occupancy and Average Daily Rate (ADR),&#8221; said Tom Reeg, CEO of Caesars Entertainment.
&#8220;Our Caesars Digital segment posted a new second-quarter Adjusted EBITDA record, driven by strong revenue growth and solid flow through. Regional segment results reflect competition in new markets partially offset by our temporary facility in Danville, Virginia and our property in Columbus, Nebraska,&#8221; Reeg added.
Outlook:&nbsp;Caesars Entertainment said it remains optimistic for the balance of 2024 driven by operating trends in Las Vegas and its digital segments. The company continues to forecast full-year capital expenditures of $800 million, excluding its Danville project.
CZR Price Action: According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, Caesars Entertainment shares are up 4.34% after-hours at $38.50 at the time of publication Tuesday.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/07/40022763/lattice-semiconductor-stock-falls-on-worse-than-expected-q2-results">Lattice Semiconductor Stock Falls On Worse-Than-Expected Q2 Results</a></li>
</ul>
Photo: Gerd Altmann from Pixabay

Entertainment

Caesars Entertainment Stock Is Up After Q2 Results

Luxfer Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LXFR#NYSE">LXFR</a>) reported quarterly earnings of $0.24 per share which met the analyst consensus estimate. This is a 11.11 percent decrease over earnings of $0.27 per share from the same period last year. The company reported quarterly sales of $99.700 million which met the analyst consensus estimate. This is a 9.69 percent decrease over sales of $110.400 million the same period last year.

LXFR

Luxfer Holdings Q2 2024 Adj. EPS $0.24, Inline, Sales $99.700M Inline

Upon Murray&#39;s resignation, the Board appointed A. Robert Pisano to serve as interim Chairman of the Board. Pisano has served as a director of the Board since 2002 and as Lead Independent Director since 2004. David White has been appointed to succeed Mr. Pisano as the Lead Independent Director of the Board.

Management

Resources Connection Says Donald B. Murray Has Resigned As Chairman And A Director; Robert Pisano Appointed As Interim Chairman

SRBK

SR Bancorp Q2 EPS $(0.34) Vs $0.12 YoY

TPG RE Finance Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRTX#NYSE">TRTX</a>) reported quarterly earnings of $0.28 per share which beat the analyst consensus estimate of $0.25 by 12 percent. The company reported quarterly sales of $39.302 million which beat the analyst consensus estimate of $29.175 million by 34.71 percent. This is a 20.43 percent increase over sales of $32.634 million the same period last year.

TRTX

TPG RE Finance Trust Q2 2024 Adj. EPS $0.28 Beats $0.25 Estimate, Sales $39.302M Beat $29.175M Estimate

Seaboard (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/SEB#AMEX">SEB</a>) reported quarterly earnings of $62.82 per share. This is a 40.22 percent increase over earnings of $44.80 per share from the same period last year. The company reported $2.21 billion in sales this quarter. This is a 7.69 percent decrease over sales of $2.39 billion the same period last year.

Seaboard Q2 EPS $62.82 Up From $44.80 YoY, Sales $2.21B Down From $2.39B YoY

CFSB Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CFSB#NASDAQ">CFSB</a>) reported quarterly earnings of $0.03 per share. This is a 50 percent increase over earnings of $0.02 per share from the same period last year.

CFSB

CFSB Bancorp Q4 EPS $0.03 Up From $0.02 YoY

American Assets Trust Increases 2024 FFO Per Share Guidance From $2.24 - $2.34 To $2.48 - $2.54; Est $2.31

Eli Lilly &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>) shares are trading lower Tuesday. Here&#8217;s <a href="https://www.benzinga.com/news/24/07/39965143/why-eli-lilly-and-company-shares-are-moving-lower-on-thursday">what you need to know.</a>
What To Know: The company is set to report its second-quarter earnings on Aug. 8. The upcoming earnings report is expected to show EPS of $2.70 and revenue of $9.949 billion.
Significant options trading activity, involving large investors, has been noted. Of the 20 trades detected, 11 were call options totaling $726,640 and nine were put options totaling $617,684, indicating mixed market sentiment. Analysts predict a broad price range of $400 to $1,320 with an average target price of $986.80. for Eli Lilly based on recent trading volumes and open interest.
<h1 class="wp-block-heading">How To Buy Eli Lilly Stock?</h1>
Buying shares is typically done through a brokerage account. You can find a list of <a href="https://www.benzinga.com/money/best-stock-trading-platforms">possible trading platforms here.</a> Many will allow you to buy &#8220;fractional shares,&#8221; which allows you to own portions of stock without buying an entire share. For example, some stock, like Berkshire Hathaway, or Amazon.com, can cost thousands of dollars to own just one share. However, if you only want to invest a fraction of that, brokerages will allow you to do so.
In the the case of Eli Lilly, which is trading at $784.40 near market close Tuesday, $100 would buy you 0.13 shares of stock.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to &#8220;go short&#8221; a share of stock by lending you the shares to sell. The process of shorting a <a href="https://www.benzinga.com/money/how-to-short-a-stock">stock can be found at this resource.</a> Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading — either way it allows you to profit off of the share price decline.
LLY Price Action: Eli Lilly shares were down by 2.18% at $790.21 at market close Tuesday, according to Benzinga Pro.
<figure class="wp-block-image size-full is-resized"><a href="https://www.benzinga.com/pro/checkout/benzinga-pro-essential-2024?utm_source=BZprocontent073024&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="1007" height="522" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/30151759/LLY-2.png" alt="" class="wp-image-465842" style="width:423px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/30151759/LLY-2.png 1007w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/30151759/LLY-2-300x156.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/30151759/LLY-2-768x398.png 768w" sizes="(max-width: 1007px) 100vw, 1007px" /></a></figure>
See Also:
<ul>
<li><a href="https://www.benzinga.com/news/24/07/40048770/amazon-q2-earnings-preview-gains-from-ecommerce-and-cloud-business-operating-margin-upside-on-analys">Amazon Q2 Earnings Preview: Gains From eCommerce and Cloud Business, Operating Margin Upside On Analysts Radar</a></li>
</ul>
Photo by rafapress on Shutterstock.

Health Care

What's Going On With Eli Lilly Today?

WIIM

DoubleVerify shares are trading lower. The company reported Q2 financial results

Missfresh

<h4>Key Takeaways:</h4>

<ul>
	<li>Dingdong&rsquo;s revenue grew slightly in the first quarter, ending more than a year of revenue contraction</li>
	<li>The company recorded its second quarterly net profit since its listing and said it expects both revenue and profit to post &ldquo;considerable year-over-year growth&rdquo; this year</li>
</ul>

By Doug Young

Grocery story or tech company?

Investors are having a hard time answering that question when it comes to&nbsp;Dingdong (Caymen) Ltd.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DDL#NYSE">DDL</a>), China&rsquo;s leading online grocer, which on Monday&nbsp;<a href="https://www.prnewswire.com/news-releases/dingdong-cayman-limited-announces-first-quarter-2024-financial-results-302143331.html">reported</a>&nbsp;a return to revenue growth in this year&rsquo;s first quarter after a year of contraction, as well as only its second GAAP profit since going public in 2021. Despite that, the company&rsquo; stock sank 16% after the results were announced, showing investors were hoping for more.

We should point out that even after the selloff, the stock is still up 21% so far this year and has rallied 67% from a low in January, feeding off a recent broader rally for offshore-listed Chinese stocks. Still, its forward price-to-earnings (P/E) ratio of 18 trails larger U.S.-based grocery giant&nbsp;Kroger&rsquo;s&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KR#NYSE">KR</a>) 18, and is also behind the 25 for&nbsp;Walmart&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>).

The bottom line is that Dingdong is a grocery seller, a sector famous for razor-thin margins and stiff competition due to difficulty among rivals in differentiating their products. Dingdong pointed out on its earnings call that it&rsquo;s tough to reduce delivery costs that are one of its main expenses, and that one area where it&rsquo;s making some progress is in cutting out middlemen involved in many parts of its supply chain.

Dingdong has also acknowledged that it&rsquo;s better to focus on larger, wealthier cities where consumers are less cost-conscious. It began pulling out of smaller markets where it was losing big money last year, resulting in revenue contraction throughout the year.

With impact from the withdrawals winding down, the company said it expects to return to a growth track this year. &ldquo;We have raised our expectations for both net profit and scale, and are anticipating considerable year-over-year growth for the second quarter and this year,&rdquo; said founder and CEO Wang Changlin in the company&rsquo;s results announcement. Wang didn&rsquo;t elaborate on the meaning of &ldquo;scale,&rdquo; though presumably he is referring to revenue.

Dingdong has also been trying to beef up its margins by providing more of its own private-label products, which tend to carry higher margins and are one of the few areas where it can differentiate itself from rivals. But it made little mention of those efforts in its latest results, with CFO Wang Song only noting on the earnings call that the company is &ldquo;actively working on improving our private label product development capabilities.&rdquo;

So, where does that leave this company in the eyes of investors?

Despite the recent broader bullishness on U.S.-listed China stocks, analysts remain decidedly mixed on Dingdong. Only five out of nine polled by Yahoo Finance rate it a &ldquo;buy&rdquo; or &ldquo;strong buy,&rdquo; with the other four rating it a &ldquo;hold&rdquo; or &ldquo;underperform.&rdquo; Still, their average price target of $2.65 for the stock implies some upside from its latest close of $1.82.

All that said, we&rsquo;ll take a closer look at the company&rsquo;s latest financials that look relatively solid. At the highest level, its gross merchandise value (GMV) rose 1.4% to 5.53 billion yuan ($764 million), while its same-store GMV rose by a larger 4.4% year-on-year for the three-month period. The company noted that the first two months of 2023 were still affected by the pandemic, and pointed out GMV rose 6.5% year-on-year this year in March, the first month when year-ago consumption patterns were more normal and made for better comparisons.

<h3>Revenue Rises</h3>

The improving GMV helped Dingdong post a tiny first-quarter revenue gain to 5.02 billion yuan from 5 billion yuan the previous year. Before that, the last time the company reported a similar year-on-year revenue gain was the fourth quarter of 2022, before it began its slimming down campaign.

Shanghai-based Dingdong is profitable in its home region of East China, which includes Shanghai, as well as adjacent Zhejiang and Jiangsu provinces. It noted that order volume per station rose by double-digit percentage amounts in all three of those places in March, while also pointing out that its losses in the Southern Chinese cities of Guangzhou and Shenzhen, and also in Beijing, all experienced &ldquo;rapid reduction.&rdquo;

Notably, the company stands to benefit in Beijing following the demise of former rival&nbsp;Missfresh&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/MFLTY#OTC">MFLTY</a>), which was a dominant player in the Chinese capital, also its hometown. Dingdong also faces competition from rival services operated by leading takeout delivery company&nbsp;Meituan(3690.HK) and e-commerce giant&nbsp;PDD&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>), though both of those are more focused on smaller markets.

Dingdong said its operating costs and expenses were roughly flat at 5.05 billion yuan in the latest quarter, versus 5.04 billion yuan a year earlier. Its fulfillment expenses fell 3.9% year-on-year during the quarter, dropping their share of total revenue to 22.8% from 23.9% a year earlier, as it benefited from larger order sizes. The lower fulfillment expenses were offset by increases of more than 20% in sales and marketing and general and administrative expenses.

The bottom line was that the company reported a sixth consecutive quarterly non-GAAP profit, which excludes costs related to employee stock-based compensation. And significantly, it also reported its second-ever GAAP profit of 12.3 million yuan since going public in 2021, reversing a 52.4 million yuan loss a year earlier.

The company also said it is quite solid in terms of finances, noting it was cash flow-positive in the first quarter, representing a third consecutive quarter in positive territory for that metric.

And what do we make of the company&rsquo;s previously mentioned proclamation that it now anticipates &ldquo;considerable year-over-year growth for the second quarter and this year&rdquo; in both &ldquo;scale&rdquo; and net profit? Analysts polled by Yahoo Finance weren&rsquo;t expecting much, at least in terms of revenue growth, forecasting only 2% growth in the second quarter and 4.3% for the whole year.

It&rsquo;s quite possible we might see some upward revisions to those forecasts in the weeks ahead, and perhaps even one or two ratings upgrades. At the end of the day, Dingdong does seem to be sharpening its focus by concentrating on big cities where it can operate profitably, and also on improving its efficiency by gaining more direct control of its supply chain. It will always be a grocer when all is said and done, but that doesn&rsquo;t mean it can&rsquo;t become a leader in the huge Chinese grocery market.

This article is from an unpaid external contributor. It does not represent Benzinga&#39;s reporting and has not been edited for content or accuracy.

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Tuesday, May 14, 2024