Tech powered healthcare platform operator 111 Inc (NASDAQ:YI), which is based out of China, saw its stock go through a tough time through the course of the past week.
Trading Data
On Friday, YI stock slid 4.53% at $4.85 with more than 522K shares, compared to its average volume of 335k shares. The stock has moved within a range of $4.6100 – 5.2900 after opening trade at $5.29.
Earnings Buzz
On Friday, the stock suffered from another selloff and ended the day with a decline of 4.50%. That took its cumulative losses for the whole of the previous week to as much as 11%. It should be noted that on Friday the 111 stock had come into focus after the Chinese company announced its unaudited financial results for the period that ended on September 30, 2021.
The company announced that in the third quarter it managed to bring in revenues to the tune of as much as RMB3.35 billion and that reflected a year on year rise of as much as 41.6%.
111 also noted that the service revenues went up by as much as 106% year on year and out of that, the revenues generated from B2B services shot up by a staggering 336% year on year. In this regard, it should be noted that the company also spent RMB56.1 million in the form of technology expenses and that worked out to a year on year rise of 155.4%.
Key Quote
Mr. Junling Liu, Co-Founder, Chairman, and Chief Executive Officer of 111, commented, “The third quarter of 2021 represents another period of strong growth, as net revenue increased 41.6% year-over-year to RMB 3.3 billion, marking the 13th consecutive quarter of year-over-year growth for 111 since the company’s NASDAQ IPO. Our top- and bottom-line growth this quarter was driven by our B2B business, which saw year-over-year revenue and gross margin increases of 46% and 145%, respectively. In addition, the market continued to show strong demand for our diverse portfolio of services offerings. Overall, service revenue grew 106% year-over-year, and B2B service revenues totaled RMB16.2 million, representing a 336% year-over-year increase.”
Technical Data
YI stock is trading below the 20-Day and 50-Day Moving averages of $5.35 and $5.42 respectively. Moreover, the stock is below above 200-Day moving average of $9.76. The stock is 16 72% in the past month.
