RLX - RLX Technology shares reel as revenue tumbles from prior year

RLX Technology Inc. (NYSE:RLX) shares fell sharply on Friday after its earnings report revealed stark impacts from China’s lockdowns.  The Beijing-based e-vapor company reported a 26.1% decline in revenue, a 7.7% decline in gross margins, and a nearly 50% drop in non-GAAP net income from 2021. "The decrease was mainly due to the pandemic's impact on our production plant in Shenzhen, which limited our production and shipment volume,” CFO Chao Lu said. “Our cash position remains solid, which will support us as we navigate the market dynamics and agilely adjust our business to the fluctuating macro environment." said Mr. Chao Lu, Chief Financial Officer of RLX Technology. "Looking ahead, we will remain focused on the business elements under our control, such as product innovation, cost optimization and operating efficiency, to reinforce our fundamentals and position ourselves to seize future opportunities." Shares fell 2.3% in early trading on Friday, adding to

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RLX Technology shares reel as revenue tumbles from prior year