The stock in Niu Technologies (Nasdaq: NIU) slipped nearly 3% to $20.26 per American depositary share after posting second-quarter revenue that missed estimates.
The smart urban mobility solutions provider said in a statement today that its revenue in the three months through June hit $91.29 million, up 22% year-over-year on earnings of 10 cents a share. While it beat earnings estimates of 9 cents a share it missed revenue expectations of $96.78 million, according to Benzinga.
In the quarter, the company saw strong sales from its recovering Chinese market—but struggled internationally.
“We are very pleased to see the strong recovery in China. Our China sales volume increased by 81% year over year driven by retail network expansion and new product launches, Yan Li, the chief executive officer of Niu, said in a statement today.
He added, “Our international sales decreased in the second quarter due to the continued impact from COVID-19. Since May, our overseas dealer shops gradually reopened and we expect to see recovery in the coming quarters.”
E-scooters sales from its Chinese market hit roughly $75.39 million, down 59% from the same period in 2019. Internationally, revenues from e-scooters tumbled 53% year-over-year to $8.21 million. Around 90% of its total e-scooter revenues are generated in China.
Despite today’s fall, Niu’s stock has performed relatively well this year; shares are now up 134% year-to-date.
Another player in the electric space, NIO Ltd. (NYSE: NIO) which focused on electric cars, has also seen a surge in demand this year. Nio's stock is up a whopping 239% year-to-date.
Headquartered in Beijing, Niu makes and sells "high-performance" electric bicycles and motorcycles. Its product portfolio includes four e-scooter series’, two urban commuter electric motorcycles series’ and a performance bicycle series’.
Looking ahead to the third quarter, Niu expects to generate revenue in the range of $122.60 million to $137.03 million, representing a year-over-year increase of between 30 and 45%.