Dingdong (Cayman) Limited announced robust financial results for the third quarter ended September 30, 2024, achieving non-GAAP profitability for the eighth consecutive quarter and GAAP profitability for the third consecutive quarter. Total revenues increased by 27.2% year over year to RMB6,538.2 million (US$931.7 million) from RMB5,139.7 million in the same quarter of 2023. GMV for the quarter also surged by 28.3% year over year to RMB7,267.0 million (US$1,035.5 million), reaching a new quarterly high.
The company reported a net income of RMB133.4 million (US$19.0 million), marking a substantial 6,240.6% increase year over year from RMB2.1 million in Q3 2023, with the net income margin expanding to 2.04%. Non-GAAP net income reached RMB161.6 million (US$23.0 million), a 942.0% increase year over year, resulting in a non-GAAP net income margin of 2.4%. Basic and diluted net income per share were RMB0.40 (US$0.06), while non-GAAP net income per share was RMB0.49 (US$0.07).
Dingdong generated a net cash inflow of RMB400 million from operating activities, an increase of RMB270 million compared to the same period last year, marking its fifth consecutive quarter of positive operating cash flow. The total balance of cash and cash equivalents, restricted cash, and short-term investments, after deducting short-term borrowings, increased to RMB2.64 billion, representing a net increase for the fifth consecutive quarter. The company raised its expectations for both net profit and scale for the fourth quarter and full year of 2024, anticipating considerable year-over-year growth and projecting both non-GAAP and GAAP profits for the entire year.
In a management change, Ms. Hongli Gong, previously the CHRO, was reassigned to other management positions within the company. Her former responsibilities will be redistributed among existing leadership team members to ensure seamless continuity in human resources functions. This adjustment is part of ongoing efforts to optimize organizational structure and enhance operational efficiency.
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