Luckin Coffee Falls After Mixed Q2 Earnings
Luckin Coffee (NASDAQ: LK) reported second-quarter losses of 48 cents per share, which missed the analyst consensus estimate by 5 cents.
The company reported quarterly sales of $132.43 million, which beat the analyst consensus estimate of $130.26 million by 1.67%.
“We are pleased with the performance of our business as we continue to execute against our long-term growth plan,” said CEO Jenny Zhiya Qian. “Total net revenues from products sold increased 698.4% year-over-year, driven by a significant increase in transacting customers, an increase in the average number of items purchased by our transacting customers and higher effective selling prices. We believe this is the result of our distinguished value proposition of delivering our customers high quality, high convenience and high affordability.”
Luckin Coffee shares were trading down 4.7% at $23.39 in Wednesday’s pre-market session. The stock has a 52-week high of $27.12 and a 52-week low of $13.71.
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