Quhuo Expects Robust Growth In 1H23; FY22 Margins Expand On Solid Business Development Strategy

  • Quhuo Ltd's QH revenue for FY22 fell 5.1% Y/Y to $553.9 million, primarily due to the decrease in delivery orders.
  • Revenues for the year's second half slumped 10.5% to $283.7 million.
  • Gross profit for FY22 increased 43.9% year-over-year to $36.6 million, while gross margin expanded by 220 basis points to 6.6%, driven by the company's effective business development strategy.
  • Quhuo turned its adjusted net loss of RMB(122.3) million in 2021 to an adjusted net income of RMB3.3 million ($0.5 million) in 2022.
  • Operating income was RMB35.6 million, compared to an operating loss of RMB(139.8) million in 2021. 
  • Quhuo plans to explore integrating the chatbot model trained by AI, which has recently gained significant attention, into the B&B vertical business.
  • The company expects to experience robust growth in the first half of 2023, reflecting the anticipated macro environment of post-COVID-19 recovery and restored tourism consumption.
  • Price Action: QH shares are trading lower by 2.52% at $1.6085 on the last check Friday.
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