PJT Marketplace, Paipai Marketplace Drives AiHuiShou's Q2 Revenue Growth of 56%

Benzinga2021-08-17
  • AiHuiShou International Co Ltd (NYSE:RERE) reported second-quarter FY21 revenue growth of 56.2% year-on-year to $289.3 million (RMB1.87 billion), beating the analyst consensus of $272.9 million.
  • Segments: Net product revenues increased by 53.1% Y/Y to $248.3 million due to increased sales of pre-owned consumer electronics through PJT Marketplace, Paipai Marketplace, and offline trade-in channels.
  • Net service revenues rose 77.9% Y/Y to $40.9 million from the growth in transaction volume on PJT Marketplace and Paipai Marketplace and the average commission rate.
  • Drivers: Gross Merchandise Volume rose 69.6% Y/Y, GMV for product sales increased by 72.7% Y/Y, and GMV for online marketplaces grew 68.6% Y/Y. The number of consumer products transacted increased by 27.9% Y/Y.
  • Non-GAAP loss per share was $(0.25).
  • AiHuiShou held $439.2 million in cash and equivalents.
  • Outlook: AiHuiShou sees Q3 revenue of RMB1.87 billion - RMB1.93 billion against the analyst estimate of $286.1 million.
  • Price Action: RERE shares closed lower by 16.15% at $11.01 on Monday.
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