Newegg FY23 Revenue $1.5B Vs $1.72B YoY; Average Order Value Was $379 In FY23 Vs $411 In FY22
Portfolio Pulse from Benzinga Newsdesk
Newegg reported a decrease in FY23 revenue to $1.5B from $1.72B in FY22, with a net loss increase to $59.0M from $57.4M. The average order value and active customers also declined, alongside a decrease in repeat purchase rate.
April 24, 2024 | 1:04 pm
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Newegg's FY23 financials show a decline in revenue, net sales, GMV, and gross profit, with an increased net loss and a drop in customer engagement metrics.
The reported decrease in revenue, net sales, GMV, and gross profit, alongside an increased net loss and declining customer engagement metrics such as average order value, active customers, and repeat purchase rate, are likely to negatively impact investor sentiment and the stock price of Newegg in the short term.
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IMPORTANCE 90
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