Niu Technologies (NASDAQ: NIU) reported a third-quarter FY22 sales decline of 6% year-on-year to RMB 1.15 billion ($162.1 million), beating the consensus of $79.96 million.
The number of e-scooters sold decreased 19.2% Y/Y to 320,798, with sales in China falling by 32.9%.
International e-scooters sales jumped 1059.8% to 57,609 units.
The number of franchised stores in China was 3,303 as of September 30, 2022.
The gross margin for the quarter expanded 210 basis points Y/Y to 22.1%.
The operating loss for the quarter was RMB (8.1) million versus an operating income of RMB 102.5 million a year ago.
Earnings per ADS were $(0.01). The adjusted net income was RMB 20.2 million versus an income of RMB 102.2 million last year.
The company held $205 million in cash and equivalents as of September 30, 2022.
Outlook: NIU expects Q4 revenues of RMB 789 million – RMB 986 million, representing a year-over-year decrease of about 20% to flat.
Price Action: NIU shares are trading lower by 5.11% at $3.53 in premarket on the last check Monday.
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Source: https://finance.yahoo.com/news/niu-technologies-clocks-6-sales-113213165.html