Categories AlphaGraphs, Consumer, Earnings, Industrials
Niu Technologies (NIU) reports strong Q2 earnings results on higher e-scooter sales
Niu Technologies (NASDAQ: NIU) reported an increase in profit and revenue for the second quarter of 2020 as a strong recovery in China helped in registering 61% year-over-year e-scooter sales growth. NIU stock, which was trading up about 3% earlier in the pre-market trading hours, turned to red latter.
Net income rose both on a GAAP and non-GAAP basis. Revenue rose 22% to RMB644.9 million in the second quarter. While the e-scooter sales volume in China increased 58.5%, sales volume in international markets decreased 53% as a result of COVID-19.
Also read: Niu Technologies (NIU) sees favorable urban mobility trends as markets evolve
NIU expects revenues of the third quarter 2020 to be in the range of RMB850 million to RMB950 million, representing a year-over-year increase of 30% to 45%.
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