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Smart Share Global Ltd (NASDAQ:EM) (Energy Monster) reported a third-quarter FY23 sales decline of 24.7% year-on-year to RMB613.5 million ($84.08 million).
The decrease was primarily due to the decrease in mobile device charging revenues due to the change in the contractual arrangement with network partners.
Mobile device charging revenues declined 30.3% to RMB564.2 million ($77.3 million).
General and administrative expenses rose 26.1% to RMB37.1 million ($5.1 million).
Operating income for the quarter was RMB34 million ($4.7 million).
The company held $455.0 million in cash and equivalents as of September 30, 2023.
As of September 30, 2023, the company's services were available in 1,189 thousand POIs, compared with 1,109 thousand as of June 30, 2023.
Smart Share's cumulative registered users reached 379.0 million as of September 30, 2023, with 16.4 million newly registered users acquired during the quarter.
Mobile device charging orders for Q3 increased 9.1% to 176.5 million.
Adjusted earnings per ADS of $0.03 missed the consensus estimate of $0.10.
Price Action: EM shares traded lower by 0.65% at $0.7450 on Monday.
Posted In: EM
