Quhuo jumps 16% following first half performance update

Posted on November 15, 2022Comments Off on Quhuo jumps 16% following first half performance update

Quhuo (NASDAQ:QH) is trading around +16% after its first half report was filed, showing a jump in revenue from mobility services. Mobility revenues, which include ride hailing, freight service and shared-bike maintenance solutions, were up 32.2% Y/Y to RMB56.5M for H1, driven by an enlarged customer base and service scope for shared-bike maintenance solutions. Mobility service revenues were also buoyed by freight solutions, which commenced in July 2021. Meanwhile, revenue from housekeeping and accommodation solutions rose around 25% to RMB43.4M driven by an enlarged customer base. On-demand delivery solutions, which make up the bulk of total revenues for Quhuo, remained relatively stable at RMB1.7B. Total revenues were up 1.4% Y/Y to RMB1.8B. Quhuo’s (QH) adjusted net loss narrowed significantly to RMB14M from RBM69M a year ago, helped by 23% lower general and administrative expenses and 22% lower R&D costs.

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Comments Off on Quhuo jumps 16% following first half performance update