DADA.US Q3 revenue grew 7.3% YoY, and the net loss rate continued to narrow sequentially
1min read DADA, Inc. (DADA.US) reported its third-quarter financial results after the market closed on November 13, 2023. The data showed that the Company's Q3 revenue grew 7.3% year-on-year to Rmb2.4294bn, compared to Rmb2.6218bn in the same period last year. The basic and diluted EPS losses were Rmb0.19, compared to Rmb0.16 in the same period last year.
By business segment, DADA's DADA Now platform generated Q3 revenue of Rmb1.4992bn, up 38.6% year-on-year from Rmb1.0816bn, mainly due to the increase in the number of same-day delivery orders provided to various chain merchants.
The JD Now platform generated Q3 revenue of Rmb930.2mn, down from Rmb1.5403bn in the same period last year, mainly due to the decrease in online advertising and marketing services revenue, as well as the decrease in fulfillment services and other income due to the full implementation of the delivery fee waiver plan for orders over Rmb29 since February 2024.
However, the monthly average number of users who placed orders and the number of orders on the JD App field continued to maintain a high growth momentum, with both up more than 100% year-on-year. In addition, the penetration rate of DADA Now in JD's user group continued to rise. During the just-ended JD 11.11, the peak daily order volume of DADA Now again set a new record. DADA Now's delivery orders continued to grow strongly, with revenue up 46% year-on-year in the first nine months of this year.
Moreover, thanks to strategic development and efficiency optimization measures, the Company's GAAP and Non-GAAP net loss rates narrowed by 4.1% and 3.7% quarter-on-quarter, respectively. The continuous quarterly narrowing highlights the ongoing improvement in profitability.
As of the time of writing, DADA Group rose 4.46% after-hours on Monday to US$1.64.