On June 17th, Gelonghui reported that Cango (CANG.US) rose 3.59% to $1.73. Cango recently released its financial report for the first quarter of 2024, with total revenue of 64.4 million yuan, operating profit of 74.2 million yuan, an increase of 43.1% year-on-year; net profit of 90 million yuan, an increase of 14.3% year-on-year. As of March 31, 2024, the company has cash and cash equivalents of 1.2 billion yuan. Yongyi Zhang, the company's CFO, said that our strategic efforts to reduce new car inventory and improve operational efficiency have begun to pay off, achieving profitability in the first quarter of 2024; we have also achieved positive operating cash flow for the third consecutive quarter, enabling us to maintain a strong cash position.
美股异动 | 灿谷涨超3.5% 一季度营业利润同比增长43.1%
Cango rose more than 3.5% in the US stock market, with operating profit increasing by 43.1% year-on-year in the first quarter.
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