RTTNews | Jun 8, 2021 11:05AM EDT

11:05 Tuesday, June 8, 2021 (RTTNews.com) - Dada Nexus Ltd (DADA) shares are trading more than 10 percent on Tuesday morning after the company reported higher revenue for the first quarter.

Further, the board has authorized Dada Nexus to repurchase $150 million ADS during the 12-month period.

The on-demand delivery and retail platform's net revenue for the quarter was RMB 1.67 billion, compared to RMB 1.09 billion in the previous year.

The company reported net loss of RMB 710.27 million or RMB 0.75 per share, compared to net loss of RMB 495.39 million or RMB 1.34 per share in the prior year. On an adjusted basis, loss was RMB 0.65 per share.

Wall Street analysts were expecting loss of RMB 0.38 per share. Analyst estimates usually exclude special items.

Currently, shares are at $28.23, up 9.65 percent from the previous close of $25.74 on a volume of 1,870,657. For the 52-week period, the shares have traded in a range of $14.60-$61.27 on average volume of 1,308,895.

Read the original article on RTTNews ( https://www.rttnews.com/3200853/stock-alert-dada-nexus-gains-10-on-revenue-growth-in-q1.aspx)

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