Waterdrop Turns To Profit In Q2

(RTTNews) - Waterdrop Inc. (WDH) reported that its net profit attributable to the company for the second quarter of 2022 was RMB206.9 million or US$30.9 million, compared to a net loss of RMB655.8 million in the prior year. On a per share basis, net profit was RMB 0.05 or $0.01 per share compared to a loss of RMB 0.24 last year.

Adjusted net profit attributable to the company for the second quarter of 2022 was RMB232.5 million or US$34.7 million, compared with an adjusted net loss of RMB570.1 million for the same period of 2021.

Net operating revenue for the second quarter of 2022 decreased by 25.3% year over year to RMB701.4 million or US$104.7 million from RMB939.4 million for the same period of 2021, which was primarily due to the decrease of RMB273.1 million in insurance-related income, partially offset by the increase of RMB56.1 million from crowdfunding service fees.

The company expects to achieve overall profitability on a non-GAAP basis for the year 2022 under the circumstances that it continues to invest in established businesses and new initiatives.

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