ATRenew Q1 Loss Narrows

(RTTNews) - ATRenew Inc. (RERE), a consumer electronics platform, Tuesday, reported a narrower loss for the first quarter, on improved sales of preowned consumer electronics through the offline and online channels of the company.

The first-quarter loss was RMB 50 million or $7.3 million narrower than RMB 161.35 million or $25.5 million of last year.

Adjusted net income was RMB 50.1 million or $7.3 million. Adjusted earnings per share were RMB 0.31 or $0.04 per share.

Total revenue increased 30.2 percent to RMB 2.871 billion or $418.2 million from RMB 2.206 billion or $348.1 million of last year.

Looking ahead to the second quarter, the company expects its total revenue in the range of RMB 2.850 billion-RMB 2.950 billion.

In premarket activity, shares of ATRenew were trading at $3.05 up 2.35% or $0.07 on the New York Stock Exchange.