Tech
Waterdrop first-quarter revenue skyrockets 64%
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- Waterdrop recorded net operating revenue of RMB1,242.2 million, up 64.8% year-over-year.
- Following the financial release, the stock adjusted down slightly to trade at $1.40 per share.
- The company expanded its market footings by driving deeper integrations of artificial intelligence systems.
Waterdrop (NYSE:WDH) recorded net operating revenue of RMB1,242.2 million for the first quarter, representing a 64.8% year-over-year increase.
Although year-over-year revenue grew, the total dropped 12% sequentially compared to the previous quarter.
The business repurchased 61.8 million shares for US$120.1 million and paid a US$10.8 million dividend by late May.
Core growth was driven by insurance-related income, which surged 74.1% year-over-year to reach RMB1,145.8 million.
The company concluded the period with an operating profit of RMB80.0 million and a net profit of RMB98.4 million.
