Luckin Coffee (OTCMKTS:LKNCY) stock is on the move Tuesday after the Chinese coffee company reported third-quarter earnings results.
That earnings report starts with the company’s adjusted American depositary shares (ADS) of 24 cents. That’s an improvement over the company’s adjusted ADS reported during the same period of the year prior.
To go along with that, Luckin Coffee reported revenue of $547.5 million. That’s another improvement, with revenue representing a 65.7% increase compared to Q3 2021.
Dr. Jinyi Guo, Chairman and CEO of Luckin Coffee, said the following in the earnings report:
“We are pleased to deliver another quarter of improved results, with continued improvements across our key operating and financial metrics […] Despite a normalization of same-store sales growth in line with our expectations, comparable store growth remained strong in the third quarter.”
Covid-19 Continues to Weigh on LKNCY Stock
Despite the positive momentum in LKNCY stock’s latest earnings report, the company is still warning investors about Covid-19 affecting its business. That includes a statement claiming that the situation is still highly unpredictable and could have a negative effect on the company in the foreseeable future.
LKNCY stock is experiencing heavy trading today with over 2 million shares on the move. For the record, its daily average trading volume is about 1.8 million shares.
LKNCY stock is down 4.6% as of Tuesday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
