Why Shares of Uxin Tumbled Today
Shares of Uxin (NASDAQ: UXIN) slumped on Monday after the Chinese company reported its second-quarter results. While the online used car specialist's revenue soared and adjusted earnings came in ahead of expectations, the stock was down about 9.2% as of 11:50 a.m. EDT. Shares had fallen much as 16.6% earlier in the session.
Uxin reported second-quarter revenue of $63.9 million, up 58.3% year over year in local currency. The consumer segment generated $46.9 million in revenue, an 11-fold increase from the prior-year period, while the business segment saw revenue decline 57.5% year over year to $9.9 million.
Image source: Getty Images.
Source Fool.com
