RERE - Why ATRenew Stock Is Climbing After Earnings | Benzinga
ATRenew Inc. (NYSE:RERE) shares are trading higher Tuesday after the company reported fourth-quarter financial results and announced a share repurchase program.
The Details:
ATRenew reported quarterly earnings of 8 cents per share, representing a 300% increase over earnings from the same period last year.
Quarterly sales clocked in at $545.6 million, a 26.23% increase over sales year-over-year. The company also announced a $20 million share repurchase program.
“We are delighted to report another quarter of record total net revenues, which exceeded the high-end of our fourth-quarter guidance. Our total revenue in 2023 increased by over 30% year-over-year to reach RMB13.0 billion," said Mr. Kerry Xuefeng Chen, CEO of ATRenew.
"Our operational efficiency continued to enhance and led ...