Why RLX Technology Stock Was a Winner On Wednesday
Chinese vaping company RLX Technology (NYSE: RLX) was more than a wisp of smoke on Wednesday. Its American Depositary Shares (ADSes) wafted nearly 4% higher in price on the day, thanks to encouraging quarterly results. In contrast, the frothy S&P 500 index gained 1.2%.
Before market open, RLX unveiled its first-quarter figures. The period saw the Chinese company take in revenue of just under 189 million yuan ($27 million), which was well down from the more than 1.7 billion yuan ($244 million) it booked in the same period of 2022.
It also flipped dramatically to a loss on the bottom line. This came in a bit over 56 million yuan ($8 million) on a GAAP basis, from the over 687 million yuan ($99 million) profit in the year-ago frame.
Source Fool.com
