MOGU Inc. (NYSE: MOGU) shares tumbled Monday morning, after theonline fashion and lifestyle destination in China, today announced its unaudited financial results for the first quarter of fiscal year 2020 ended June 30, 2019.
Total revenues decreased by 2.8% to RMB248.9 million ($36.3 million U.S.) from RMB255.9 million during the same quarter of fiscal year 2019. The increase in commission revenues was offset by the decreases in marketing services revenues and other revenues.
Loss from operations was RMB105.3 million ($15.3 million U.S.), compared to loss from operations of RMB116.5 million in the same period of fiscal year 2019.
Net loss attributable to MOGU Inc.’s ordinary shareholders was RMB120.5 million ($17.6 million U.S.), compared to a net loss attributable to MOGU Inc’s ordinary shareholders of RMB309.3 million in the same period of fiscal year 2019.
Said CEO Qi Chen, "We continued to make significant and exciting progress towards fulfilling our goal of becoming a key opinion leader (“KOL”)-driven innovative fashion and lifestyle destination with an upgraded fashion supply chain. This was highlighted by our highly-engaging live video broadcast ("LVB") business which continued to generate triple-digit growth during the quarter.
"As a pioneer in the fashion LVB sector, we are thrilled to see its popularity continue to grow rapidly among our users and its contribution to GMV jump to 31.5% of total GMV during the quarter, nearly double that from a year ago."
Shares sank 74 cents, or 20.2%, to $2.90
Related Stories
