ATRenew Reports Q1 Revenue Beat, Expects To ‘Significantly Outpace’ Broader Recycling Market
Shares of ATRenew Inc (NYSE:RERE) came under some pressure even after the company reported a revenue beat for its first quarter, with the stock having climbed more than 74% over the past month.
Of the eight analysts that currently cover the stock, six have a bullish rating of either Buy or Outperform for ATRenew. The remaining two analysts have a neutral stance and maintain a Hold rating. The average target price is $3.15.
The company is well positioned in the pre-owned consumer electronics industry, observers note. It has also expanded across China to Japan and Europe.
Check out other analyst stock ratings.
ATRenew: Financial Data Highlights
China’s premier electronics and goods recycling company reported total net revenue of RMB 3,651.1 million ($505.7 million). This not only represented 27.1% year-over-year growth but also came in around 2.5% higher than the consensus of $493.00 million.
Net product revenues grew by a healthy 28.5% to RMB 3,309.8 million, while net service revenues expanded by 15.1% to RMB 341.3 million.
ATRenew’s non-GAAP operating profit stood at RMB 80.2 million ($11.1 million), driven by an expansion in non-GAAP operating profit margin to 2.2% from 1.5% in the first quarter of 2023. The company’s earnings of 1 cent per …
Full story available on Benzinga.com
