Dada Announces Unaudited Third Quarter 2020 Financial Results
Dada Group (NASDAQ: DADA) reported strong Q3 2020 financial results with net revenues reaching RMB1,301.5 million, a remarkable 85.5% year-over-year increase.
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Rhea-AI Summary
Dada Group (NASDAQ: DADA) reported strong Q3 2020 financial results with net revenues reaching RMB1,301.5 million, a remarkable 85.5% year-over-year increase. The number of orders delivered via Dada Now soared to 1 billion, while JDDJ’s Gross Merchandise Volume climbed by 102.9% to RMB21.3 billion. Active consumers grew to 37.3 million, up 77.1% from last year. The company's market share in local on-demand delivery and retail increased significantly, solidifying its leadership position in the sector.
Positive
- Net revenues increased by 85.5% year-over-year to RMB1,301.5 million.
- 1 billion orders delivered in the last twelve months, demonstrating strong demand.
- JDDJ Gross Merchandise Volume rose by 102.9% year-over-year to RMB21.3 billion.
- Active consumers reached 37.3 million, up 77.1% year-over-year.
- Continued market share expansion, with JDDJ and Dada Now holding 24% market share each.
Negative
- None.
Details
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SHANGHAI, China, Nov. 19, 2020 (GLOBE NEWSWIRE) -- Dada Group (NASDAQ: DADA, “Dada” or the “Company”), China’s leading local on-demand delivery and retail platform, today announced its unaudited financial results for the third quarter ended September 30, 2020.
Third Quarter 2020 Highlights
- Total net revenues were RMB1,301.5 million, an increase of
85.5% year-over-year. - Number of orders delivered of Dada Now for the twelve months ended September 30, 2020 was 1.0 billion, compared with 635.5 million in the same period of 2019.
- Total Gross Merchandise Volume (“GMV”) of JDDJ for the twelve months ended September 30, 2020 was RMB21.3 billion, an increase of
102.9% year-over-year from RMB10.5 billion in the same period of 2019. - Number of active consumers for the twelve months ended September 30, 2020 was 37.3 million, an increase of
77.1% year-over-year from 21.1 million in the same period of 2019.
“We are pleased to report strong performance for the third quarter, with our business continuing to grow and our leading position further strengthening with market share expansion. JDDJ remains the largest local on-demand retail platform in the China supermarket segment with
“In the third quarter, we saw strong revenue growth with significant improvement of operating margin,” said Beck Chen, Chief Financial Officer of Dada Group. “We will continue to invest in technology to empower retailers and brand owners with enhanced capabilities and improved efficiency to establish and further strengthen partnership with them, which we believe will provide the foundation to support our future growth. With the strong growth momentum, we are confident that JDDJ revenue will grow by
Third Quarter 2020 Financial Results
Total net revenues were RMB1,301.5 million, an increase of
| Three months ended September 30, | ||||
| 2019 | 2020 | |||
| RMB | RMB | |||
| Net Revenue | ||||
| Dada Now | ||||
| Services | 385,865 | 704,961 | ||
| Sales of goods | 10,800 | 14,034 | ||
| Subtotal | 396,665 | 718,995 | ||
| JDDJ | ||||
| Services note (1) | 304,967 | 582,507 | ||
| Total | 701,6 | |||
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