Chinese grocery delivery firm Dingdong Maicai has posted its first-ever profit for the fourth quarter, an accomplishment that analysts say came at the expense of expansion, as the industry faces mounting challenges following the country’s easing of stringent pandemic controls, reports the South China Morning Post.
Dingdong’s revenue last quarter climbed 13.1% year on year to RMB 6.2 billion ($908.3 million), while non-GAAP net income reached RMB 116 million, according to its earning results announced on Monday. This was a reversal from the RMB 1.03 billion loss it posed a year earlier.
The company also saw its gross merchandise value (GMV) increase 12.7% year on year to 6.8 billion.
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