RELX Releases Unaudited Financial Report for Q3 2023

Business by 2FIRSTS.ai
Nov.13.2023
RELX Releases Unaudited Financial Report for Q3 2023
RELX Technology Inc. reported unaudited financial results for Q3 2023, with a net revenue of ¥430 million, a YoY decrease of 59%.

On November 13th, RELX Technology Inc. (NYSE: RELX) released its unaudited financial report for the third quarter of 2023.

 

The financial report reveals that in the third quarter of 2023, RELX Technology recorded a net revenue of RMB 430 million (USD 58.67 million), with a quarterly growth of 13.2% and an annual decrease of 59.0%. Adjusted net profit for the third quarter, based on non-GAAP accounting standards, amounted to RMB 200 million (USD 27.07 million), showing a quarterly increase of 129.0% and an annual decrease of 39.9%.

 

Financial Performance Summary of the Third Quarter of 2023:

 

The net income for the third quarter of 2023 was RMB 428.1 million ($58.7 million), compared to RMB 1.044 billion in the same period of 2022. The gross profit margin for the third quarter of 2023 was 24.7%, while it was 50.0% in the same period of 2022. In the third quarter of 2023, the net profit under US Generally Accepted Accounting Principles was RMB 172.7 million, compared to RMB 505.2 million in the same period of 2022. The non-GAAP net profit for the third quarter of 2023 was RMB 197.5 million ($27.1 million), compared to RMB 328.6 million in the same period of 2022.

 

Founder, Chairman, and CEO of RELX, Wang Ying, stated, "Since the implementation of the national standard for e-cigarettes one year ago, we have continuously optimized our product portfolio based on regulatory requirements, aiming to provide high-quality national standard products for adult smokers. However, the existence of an illegal fruit-flavored product gray market and consumers' lack of knowledge about national standard products has resulted in a slower-than-expected transition to these products. We believe that these challenges are temporary, and as awareness of the harmful nature of illegal products and regulatory crackdowns strengthen, the industry is expected to develop in a healthier and more organized manner. This will lead to more users trusting national standard products and gradually completing the transition."

 

Lu Chao, CFO of Fogcore Technology, stated that the company's operating cash flow has been positive for two consecutive quarters, reflecting the resilience of the company's business in the face of new regulatory environment.

 

We welcome news tips, article submissions, interview requests, or comments on this piece.

Please contact us at info@2firsts.com, or reach out to Alan Zhao, CEO of 2Firsts, on LinkedIn


Notice

1.  This article is intended solely for professional research purposes related to industry, technology, and policy. Any references to brands or products are made purely for objective description and do not constitute any form of endorsement, recommendation, or promotion by 2Firsts.

2.  The use of nicotine-containing products — including, but not limited to, cigarettes, e-cigarettes, nicotine pouchand heated tobacco products — carries significant health risks. Users are responsible for complying with all applicable laws and regulations in their respective jurisdictions.

3.  This article is not intended to serve as the basis for any investment decisions or financial advice. 2Firsts assumes no direct or indirect liability for any inaccuracies or errors in the content.

4.  Access to this article is strictly prohibited for individuals below the legal age in their jurisdiction.

 

Copyright

 

This article is either an original work created by 2Firsts or a reproduction from third-party sources with proper attribution. All copyrights and usage rights belong to 2Firsts or the original content provider. Unauthorized reproduction, distribution, or any other form of unauthorized use by any individual or organization is strictly prohibited. Violators will be held legally accountable.

For copyright-related inquiries, please contact: info@2firsts.com

 

AI Assistance Disclaimer

 

This article may have been enhanced using AI tools to improve translation and editorial efficiency. However, due to technical limitations, inaccuracies may occur. Readers are encouraged to refer to the cited sources for the most accurate information.

We welcome any corrections or feedback. Please contact us at: info@2firsts.com

Related Topics