Shares of ATRenew Inc. (NYSE: RERE), a leading pre-owned consumer electronics transactions and services platform in China, surged 5.69% in pre-market trading on Wednesday. The stock's rally came after the company reported impressive third-quarter 2024 financial results and provided an upbeat outlook for the fourth quarter.
ATRenew's third-quarter revenue grew by an impressive 24.4% year-over-year to RMB4,051.2 million (US$577.3 million), driven by strong growth in both product and service revenues. The company's income from operations came in at RMB24.9 million (US$3.5 million), a significant improvement from a loss of RMB28.1 million in the same period last year. Adjusted income from operations (non-GAAP) stood at RMB104.0 million (US$14.8 million).
The company also reported a net income of RMB17.9 million (US$2.6 million) for the quarter, compared to a net loss of RMB44.2 million in the third quarter of 2023. Adjusted net income (non-GAAP) was RMB90.1 million (US$12.8 million), reflecting ATRenew's continued progress toward profitability.
Looking ahead, ATRenew provided an upbeat outlook for the fourth quarter of 2024, expecting total revenues to be between RMB4,740.0 million and RMB4,840.0 million, representing a year-over-year increase of 22.4% to 24.9%. The company's strong performance and positive outlook were well-received by investors, driving the pre-market surge in its stock price.
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