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.
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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With the corporate world rapidly shifting to cloud-native computing after the virus outbreak changed work culture and the way businesses operate, technology providers are aggressively innovating their offerings. Hewlett Packard