BEIJING (dpa-AFX) - Dingdong (Cayman) Ltd. (DDL), a fresh grocery e-commerce company in mainland China, on Friday announced a sharp decline in first quarter profit, compared with the previous year.
For the first quarter, net income attributable to ordinary shareholders fell to RMB 5.62 million, or $774 million, from RMB 10.02 million in the prior year.
Net income per Class A and Class B ordinary shares was RMB 0.03 versus RMB 0.02 last year.
Adjusted net income attributable to ordinary shareholders was RMB 27.94 million, or $3.85 million, while it was RMB 39.23 million in the same quarter last year.
Adjusted net income per Class A and Class B ordinary share was RMB 0.09 versus RMB 0.12 last year.
Operating loss widened in the quarter at RMB 21.24 million, or $2.93 million, from RMB 11.11 million in the previous year.
Adjusted operating income dropped to RMB 1.09 million, or $151 million, from RMB 18.09 million in the prior year.
Revenue declined to RMB 5.48 billion, or $755.03 million, from RMB 5.02 billion last year.
Looking ahead, the company aims to maintain year-over-year growth in scale and expects to achieve adjusted profitability in the second quarter of 2025.
In the premarket trading, Dingdong is 2.52% lesser at $2.32 on the New York Stock Exchange.
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