Q2 2024 Smart Share Global Ltd Earnings Call Transcript
Key Points
- Smart Share Global Ltd (EM) returned to GAAP profitability with net income reaching RMB9 million in the second quarter.
- The company achieved its sixth consecutive quarter of non-GAAP profitability since early 2023.
- Expansion into third- and lower-tier cities continues to drive network growth, with POI count in these areas increasing by more than 20% year over year.
- The network partner model now operates 89.2% of POIs, up from 62% the previous year, showing successful transition and scalability.
- Other revenue outside of core business grew by over 400% year over year, indicating successful diversification and new growth avenues.
- Revenues for the second quarter of 2024 were RMB462.9 million, representing a 55.3% year-over-year decrease.
- Mobile device charging service GMV experienced a year-over-year decrease due to weaker consumption power.
- Revenue generated from the direct model decreased by 60.7% year over year due to a reduction in the number of POIs.
- Operating expenses for the second quarter were RMB249.3 million, down 29.5% year-over-year, but still significant.
- There is limited visibility for a rebound in the core business for the second half of 2024, with no definitive trend of recovery as of the end of the second quarter.
Hello, and thank you for standing by for Energy Monster's Second Quarter 2024 Earnings Conference Call. (Operator Instructions) Today's conference is being recorded. (Operator Instructions)
I would now like to turn the meeting over to your host for today's conference call, Director of Investor Relations, Hansen Shi.
Thank you. Welcome to our 2024 Second Quarter Earnings Conference Call. Joining me on the call today are Mars Cai, Energy Monster's Chairman and Chief Executive Officer; and Maria Xin, Chief Financial Officer. For today's agenda, management will discuss business updates, operation highlights, and financial performance for the second quarter of 2024.
Before we continue, I refer you to our safe harbor statement in the earnings press release, which applies to this call, as we will make forward-looking statements. Also, this call includes discussion of certain non-GAAP financial measures. Please refer to our earnings release, which contains a reconciliation of non
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