24/7 Market News Snapshot 20 November, 2024 – ATRenew Inc. American Depositary Shares (every three of which representing two Class A ordinary shares) (NYSE:RERE)
DENVER, Colo., 20 November, 2024 (247marketnews.com) – (NYSE:RERE) are discussed in this article.
ATRenew Inc. has demonstrated a remarkable bullish performance today, witnessing its stock price surge from an opening value of $2.62 to a peak of $2.856, translating to a notable gain of 16.10%. The previous day’s close at $2.460 reflects a robust market movement, driven by heightened investor activity, evidenced by a trading volume of 1.05 million shares. This sharp increase in price points to potential support levels near $2.60 and resistance around $3.00. Market participants are advised to closely monitor volume trends and overall market conditions to evaluate the sustainability of this upward trajectory.
In conjunction with this market activity, ATRenew has announced impressive financial results for the third quarter of 2024, indicating strong underlying business fundamentals. The Company recorded total net revenues of RMB 4,051.2 million (approximately US$577.3 million), marking a significant year-over-year increase of 24.4%. This growth was notably fueled by the rise in sales of pre-owned consumer electronics, with net product revenues increasing by 25.6% and service revenues growing by 13.9%.
A turnaround in operating income was also reported, resulting in a profit of RMB 24.9 million (US$3.5 million), a stark contrast to the loss of RMB 28.1 million experienced in the same period last year. The adjusted income from operations reached RMB 104.0 million (US$14.8 million), reflecting the commitment to sustainable profitability.
CEO Kerry Xuefeng Chen highlighted the increasing popularity of the Company’s trade-in services, while CFO Rex Chen pointed to successful cost optimization strategies that have contributed to positive operational income. Additionally, ATRenew’s share repurchase of approximately US$12.1 million underscores its dedication to shareholder value.
For the fourth quarter of 2024, the Company anticipates revenues between RMB 4,740.0 million and RMB 4,840.0 million, reinforcing a positive outlook as ATRenew continues to drive operational efficiency and sustainability in the pre-owned consumer electronics market.