RLX Q1 Results: Major Drop Seen

MarketBusiness by Leona Zhu, Ellesmere Zhu

May.17.2023

RLX Technology reports significant revenue drop and net loss for Q1 2023, compared to 2022.

On May 17, RLX Technology (NYSE: RLX) released its financial results for the first quarter of 2023 ending on March 31st.

The report revealed a net revenue of CNY 188.9 million (approximately USD 27.5 million), a drastic drop of 89% compared to the same period last year, which stood at CNY 1.7145 billion.

The company also suffered a net loss of CNY 56.3 million (approximately USD 8.2 million), a significant downturn from the net profit of CNY 687.1 million in Q1 of 2022.

Thumbnail source: Bloomberg

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