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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