Dingdong sinks after Q2 revenue misses estimates

Dingdong (Cayman)

01/09/2023 13:20

** U.S.-listed shares of China-based grocery app Dingdong
(Cayman)  DDL.N  drop 8.8% to $1.87 premarket after co reports
Q2 results 
    ** Stock set to hit record lowest level if losses hold
    ** Co posts Q2 revenue of 4.84 bln yuan ($667.6 mln),
missing estimates of 5.07 bln yuan - Refinitiv 
    ** Reported Q2 loss widens to 0.12 yuan from 0.11 yuan; on
an adj. basis, earnings drop to 0.02 yuan/shr 
    ** YoY decrease in rev attributed to high base effect during
the pandemic restrictions in Shanghai and short-term macro
headwinds in current quarter - Senior VP Song Wang 
    ** Until last close DDL down 52% YTD  

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))