RLX Q1 Results: Major Drop Seen

MarketBusiness by Leona Zhu, Ellesmere Zhu
RLX Q1 Results: Major Drop Seen
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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