It was not a great day in the markets for many stocks on Friday and one of those was the So-Young International Inc (NASDAQ:SY) stock. The company operates one of the better known and biggest social communities in China for professionals and consumers.
Trading Data
On Friday, SY stock moved down 4% at $4.32 with more than 791k shares, compared to its average volume of 537k shares. The stock has moved within a range of $4.2200 – 4.7000 after opening trade at $4.32.
Earnings Recap
It was in the news on Friday after it announced its unaudited financial results for the third quarter that had ended on September 30, 2021. Following the announcement, the stock declined by as much as 4% as investors headed for the exits. It might be a good idea if investors took a closer look at some of the highlights from the So-Young International financial results.
The company announced that it had managed to generate as much as RMB431.5 million in the form of revenues for the quarter and that reflected a year on year rise of as much as 20% from the RMB359.6 million in the prior year period. On the other hand, the company managed to generate net income to the tune of RMB6.8 million and that worked out to a staggering year on year rise of 649.5% from the net income of RMB0.9 million in the prior year period.
Key Quote
Mr. Xing Jin, Co-Founder and Chief Executive Officer of So-Young, commented, “In the third quarter of 2021, we continued to execute our growth strategy and delivered solid performance despite the challenges and impact of COVID-19 in parts of China. Total revenues grew to RMB431.5 million, an increase of 20.0% from the same period of 2020. Benefiting from our strategy being well received among medical service providers, the number of paying medical service providers on our platform reached 4,841 during the quarter, up 18.2% from that of the prior year.”
Technical Data
SY stock is trading below the 20-Day and 50-Day Moving averages of $4.35 and $4.33 respectively. Moreover, the stock is trading below the 200-Day moving average of $8.14. The stock is down 3% in the past month.
