Yunji (NASDAQ:YJ) stock is rocketing higher on Friday following the release of the Chinese e-commerce company’s earnings report for the first quarter of 2023.
The company’s earnings report has it bringing in diluted EPS of 1 cent alongside revenue of 178.7 million yuan. These are both down compared to the 2 cents per share and revenue of 342.6 million yuan reported in the same period of the year prior.
According to Yunji, these declines come during a transitional period in China. With the country’s Covid-19 lockdowns ending, more customers are switching back to brick-and-mortar stores instead of relying on e-commerce platforms. That explains why it’s seen a drop in earnings and revenue compared to last year.
Shanglue Xiao, Chairman and CEO of Yunji, said the following in the earnings report:
“Looking ahead, we will continue to operate flexibly while nimbly adapting and responding to emerging trends as the consumer market recovers. At the same time, we remain committed to developing innovative private label products to reward our devoted users who have accompanied us on this journey.”
YJ Stock Movement on Friday
The earnings report from Yunji is causing heavy trading of the company’s stock this morning. As of this writing, more than 12 million shares of the stock have been traded. That’s a massive jump compared to its daily average trading volume of about 110,000 shares.
YJ stock is up 100.3 % during pre-market trading on Friday. However, the stock is down 72.5% year-to-date as of yesterday’s close.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
