On August 29, 2023, NEWEGG COMMERCE ($NASDAQ:NEGG) reported its financial results for the second quarter of FY2023, ending June 30th, 2023. Total revenue for the quarter was USD 723.2 million, indicating a year-on-year decrease of 18.8%. Net income for the quarter was recorded as USD -29.3 million, compared to a loss of -18.9 million in the prior year.
On Tuesday, August 29th, NEWEGG COMMERCE reported its second quarter FY2023 earnings results to the public. The stock opened at $1.1 and closed at $1.1, representing a 1.8% increase from the previous closing price of $1.1. This marks a positive step forward for the company as its performance continues to improve. The earnings report revealed that the company had seen a notable increase in sales in comparison to the previous quarter, and that its gross profit margin had also increased. This is attributed to the company’s strategic investments into new product lines and services, which have been well received by consumers.
Furthermore, the company also reported a reduction in operating expenses as it continues to streamline and optimize its operations. Overall, the Q2 FY2023 earnings report from NEWEGG COMMERCE was encouraging, with the company continuing to make steady improvements and progress towards its goals. Investors will be looking forward to further improvements in the coming quarters, and NEWEGG COMMERCE has stated that it will continue to work hard to deliver satisfying results for all shareholders. Live Quote…
About the Company
Ownership (Institutional/ Fund Holdings)
Below shows the total revenue, net income and net margin for Newegg Commerce. More…
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Cash Flow Snapshot
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Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Newegg Commerce. More…
Balance Sheet (Yearly/ Quarterly)
Balance Sheet Supplement
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Key Ratios Snapshot
Some of the financial key ratios for Newegg Commerce are shown below. More…
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At GoodWhale, we recently conducted an analysis of NEWEGG COMMERCE‘s wellbeing. We evaluated their financial and business aspects to determine their Risk Rating, which came out to be a medium risk investment. In our analysis, we also detected 1 risk warning in their cashflow statement. If you’re interested in knowing more, please register with us to check it out. We can provide you with detailed information about the highlighted risk warning. More…
Risk Rating Analysis
Star Chart Analysis
The company has a strong presence in the United States, Canada, and Europe. Newegg Commerce Inc competes with ATRenew Inc, Jeffs Brands Ltd, and Hour Loop Inc in the online retail market.
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Investors in Newegg Commerce will be disappointed by the company’s second-quarter FY2023 earnings report. Total revenue for the quarter decreased by 18.8% year-over-year, while net income dropped to a loss of USD 29.3 million compared to -18.9 million in the previous year. Moving forward, investors should pay close attention to Newegg Commerce’s future financial performance and keep an eye on potential cost-cutting measures to bolster profitability.