Tencent-backed Waterdrop rises after posting first-quarter profit

Waterdrop

15/06/2022 11:56

** U.S.-listed shares of Tencent-backed Waterdrop Inc
 WDH.N  rise 16.9% to $1.86 premarket 
    ** Online insurance technology firm  0700.HK  posts Q1 net
profit attributable to company of 105 million yuan ($15.7
million) vs. net loss of 370.2 million yuan a year
earlier urn:newsml:reuters.com:*:nPn1gRMha
    ** "We achieved a U.S. GAAP net profit for the first time in
our operating history after turning profitable on a non-GAAP
basis in the prior quarter" - CEO Peng Shen
    ** Says it managed to further reduce sales and marketing
expenses and operating costs
    ** Expects to achieve overall profitability on a non-GAAP
basis for the year 2022
    ** Expects net operating revenue growth to continue quarter-
over-quarter in Q2 
    ** Up to last close, stock up over 15% YTD


($1 = 6.7106 Chinese yuan renminbi)

 (Reporting by Chavi Mehta in Bengaluru)
 ((Chavi.Mehta@thomsonreuters.com;))