SHANGHAI, November 11, 2022 – Dingdong (Cayman) Limited (“Dingdong” or the “Company”) (NYSE: DDL), a prominent fresh grocery e-commerce platform in China, has released its unaudited financial results for the quarter ending September 30, 2022.
Third Quarter 2022 Financial Highlights:
Gross Merchandise Volume (GMV): The GMV for Q3 2022 fell by 7.2% year-over-year to RMB 6,512.0 million (approximately US$ 915.4 million), compared to RMB 7,018.5 million in Q3 2021.
Total Revenue: The Company’s total revenue for the third quarter decreased by 4.0% year-over-year to RMB 5,942.5 million (about US$ 835.4 million), down from RMB 6,189.5 million in the same period last year.
Non-GAAP Net Loss: Dingdong’s non-GAAP net loss for Q3 2022 significantly reduced by 85.6% year-over-year, totaling RMB 285.2 million (approximately US$ 40.1 million), compared to RMB 1,975.6 million in Q3 2021.
Mr. Changlin Liang, Founder and CEO of Dingdong, expressed gratitude towards employees, customers, and partners for their support. He remarked, “We swiftly adapted to the evolving business landscape during the third quarter and implemented our ‘efficiency first, while considering scale’ strategy. As a result, our non-GAAP net loss margin improved significantly, narrowing to 4.8% from 31.9% last year. We are optimistic about achieving non-GAAP break-even in Q4 2022, ahead of initial projections made during our IPO process. This progress indicates our transformation from a startup reliant on external financing to a self-sustaining enterprise with robust survival capabilities.”