Uxin Surges 20% in Pre-Market on Robust Q2 Results and Outlook

Tiger Newspress11-25

Shares of Uxin Limited soared 20.6% in the pre-market trading on Monday, driven by the company's strong second-quarter financial results and optimistic outlook. The Chinese used car retailer reported a significant increase in transaction volume and revenue, positioning itself for sustainable growth and profitability.

Uxin's transaction volume for the quarter ended September 30, 2024, jumped 81.4% year-over-year and 25.7% quarter-over-quarter to 7,046 units. The retail transaction volume saw an even more impressive growth, surging 162.6% from the same period last year to 6,005 units. This robust performance contributed to a 39.6% year-over-year increase in revenue, reaching $70.85 million.

The company's Chief Financial Officer, Feng Lin, expressed confidence in achieving a significant milestone of positive quarterly EBITDA in the upcoming quarter, indicating Uxin's financial performance is on an upward trajectory. Additionally, Uxin's board of directors approved a change in the fiscal year-end from March 31 to December 31, aligning the company's reporting cycle with global standards and industry practices.

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