RLX Technology Slips To Loss In Q1

(RTTNews) - RLX Technology Inc. (RLX), an evapor company, Wednesday, reported loss for the first quarter of 2023, on lower revenues, particularly impacted by the prevalence of illegal products that have posed near term challenges to the company's sales.

First-quarter loss was RMB 56.3 million or $8.2 million compared to earnings of RMB 687.1 million or $108.32 million of last year.

Adjusted earnings decreased to RMB 183.6 million or $26.7 million from RMB 361.8 million or $57.07 million in the prior year.

Adjusted earnings per ADS were RMB 0.136 or $0.02, compared to RMB 0.281 or $0.044 a year ago.

Revenue decreased to RMB 188.9 million or $27.5 million from RMB 1.71 billion or $270.4 million for the same period last year.

In premarket activity, shares of RLX Technology were trading at $2.05 down 12.77% or $0.30 on the New York Stock Exchange.