Niu falls after reporting wider Q1 loss

Niu Technologies

20/05/2024 10:33

** Shares of electric scooter company Niu Technologies
 NIU.O  fall 3.8% to $2.3 in premarket after it reports Q1
results
    ** Reports wider adj. net loss of RMB 48.5 mln vs RMB 46.1
million a year earlier
        ** Reports Q1 rev of RMB 504.7 mln ($69.9 mln) compared
with RMB 417.2 mln a year prior, though international markets
rev fell 8.1%
    ** Rev per e-scooter decreased 11.6% YoY, due to increased
proportion and changes in product mix of kick-scooter in
international markets
    ** Gross margin decreases to 18.9%, compared with 21.7% in
the same period of 2023 
    ** As of last close, NIU stock up 9.1% YTD compared with a
11.16% increase in the Nasdaq index  .IXIC 


($1 = 7.2320 Chinese yuan renminbi)

 (Reporting by Nikhil Sharma in Bengaluru)
 ((nikhil.sharma@thomsonreuters.com))