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Online grocer Dingdong Maicai reported its third-quarter earnings on Nov. 11, with revenue reaching RMB 5.9 billion ($840 million), down 4% from the same period last year, and the company’s net loss narrowing sharply by 82.9% to RMB 345 million. The company halted operations in several smaller cities and launched a series of layoffs earlier this year as it aimed to achieve profitability. The firm said it expects to approach a non-GAAP break even point in the fourth quarter of this year. The US-listed company also disclosed that its per unit price increased by 25% compared with the same period last year, and the cost of new users’ orders also decreased by 32.6% year-on-year. [Dingdong statement]
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