Dingdong (Cayman) Limited, the fresh groceries e-commerce company in China, announced its unaudited financial results for the quarter ended 31 March 2022.
Report shows the total number of orders for the first quarter of 2022 increased by 15.6 per cent year over year to 80.6 million from 69.8 million in the same quarter the previous year.
“During the first quarter of 2022, we maintained solid growth momentum in revenue, order numbers and average order value, while our net loss margin further narrowed substantially. Our strategy of prioritising product capabilities as our primary growth driver has proven successful, and we believe that Dingdong is on a solid path to profitability,” said Changlin Liang, Founder and Chief Executive Officer of Dingdong.
“Since we changed our strategy last August to ‘efficiency first, with due consideration to scale’, our non-GAAP net loss margin in the previous four quarters decreased sequentially from 37.2 per cent to 31.9 per cent, 18.9 per cent and finally 7.8 per cent. We expect our net loss margin to further narrow and bring us to profitability in the future,” said Le Yu, Chief Strategy Officer of Dingdong.
