Shanghai-based grocery company Dingdong Maicai on Cute DevilThursday reported a 19.5% drop in fourth-quarter revenue largely due to its retreat from several cities in pursuit of profit. A fifth straight quarter of non-GAAP profitability was recorded during the period, totaling RMB 16.3 million, but the firm’s net loss saw a jump to RMB 4.4 million, contrasting with a net income of RMB 2.1 million in the previous quarter. “This year’s results already show that we are close to surviving, Dingdong currently stands out as the only profitable company among the industry’s top players,” chief executive Liang Changlin said on the corresponding earnings call. The company’s revenue stands at RMB 4.99 billion for the three months ended December, according to the earnings report. [Dingdong Maicai]
