Yunji Inc. (NASDAQ: YJ) reported Q1 EPS of $-0.001, $0.049 worse than the analyst estimate of $0.05. Revenue for the quarter came in at $232.9 million.

First Quarter 2020 Highlights

• GMV2 in the first quarter of 2020 increased by 2.9% to RMB7.0 billion (US$1.0 billion) from RMB6.8 billion in the same period of 2019. GMV related to marketplace revenues in the first quarter of 2020 was RMB4.1 billion (US$ 0.6 billion), compared with RMB0.3 billion in the same period of 20195.
• Total revenues in the first quarter of 2020 were RMB1,649.2 million (US$232.9 million), compared with RMB3,385.6 million in the same period of 2019, primarily due to an increase in the proportion of the Company’s business contributed from its marketplace business, which recognizes revenues on a net basis.
• Transacting members3 in the twelve months ended March 31, 2020, were 11.8 million.

Mr. Shanglue Xiao, Chairman and Chief Executive Officer of Yunji, said, “This extraordinary period was full of challenges and possibilities. Notably, during the quarter, our GMV increased by 2.9% year over year. This slower than expected growth was a result of the disruptions caused by the COVID-19 outbreak to the operating schedule of the Company as well as the operating schedules of our suppliers, business partners, and logistics service partners. We would like to express our appreciation to our partners, employees, and service managers who have stood together with us throughout this challenging period. At the same time, we are also highly appreciative of our emerging brand and joint-venture brand partners. The support we have received from these two groups has not only helped to bolster our supply chain in the face of macro headwinds, but has also encouraged us to continue developing and differentiating our platform through the methodical curation of quality product offerings.”

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