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Tuesday, June 6, 2023

BEST Inc. (BEST) Stock Rising in Premarket Trading Session

BEST Inc. (BEST), a smart supply chain service provider, has seen an increase of 5.92% in the premarket trading session. As a consequence, the BEST stock is trading at $1.79 at the time of writing. On Wednesday, BEST stock closed the day at $1.69 after increasing 4% during regular hours. The reason for this rise according to some is the interest of Redditors in the stock. They are buying BEST stock massively. For the moment, let’s discuss recent developments related to BEST stock.

Q2 2021 financial results

On 18th August, BEST reported the quarterly results for the second quarter of the fiscal year 2021, which ended 30th June 2021. According to the details, the company generated total revenue of $1.142 billion during the quarter. Equivalent to that, during the second quarter of 2020, the total revenue stood at $1.201 billion. The cost of revenues stood at $1.164 billion during the quarter. During the equivalent period of 2020, the cost of revenue was $1.126 billion. The gross loss during the quarter was $22.39 million. During the equivalent period of 2020, the company posted a gross profit of $75.02 million. The total operating expenses for the period stood at $80.47 million. During the equivalent period of 2020, the operating expenses were $69.03 million. The company bore a loss of $102.87 million from operations during the quarter. During the equivalent period of 2020, the income from operations stood at $0.59 million. The net loss bore by the company during the quarter was $72.24 million. During the equivalent period of 2020, the net loss was $0.478 million. The company had cash and cash equivalents of $140.69 million on the 30th of June. The total current assets on 30th June stood at $1.297 billion. Commenting on the results, Gloria Fan, BEST’s Chief Financial Officer, said that the strategic refocusing plan of the company charts a clear path to achieve sustainable growth and profitability in the long run.

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BEST partnership with Cainiao

On the 1st of August, BEST announced to have entered into a partnership with Cainiao Smart Logistics Network. The partnership was aimed at direct logistics service to ship parcels from China to Thailand, Vietnam and Cambodia. The company said that for the e-commerce users in Thailand, Vietnam and Cambodia, who select these logistics services, the parcels would be shipped directly from anywhere in China to BEST’s warehouse in Shenzen. From there, the parcels would be transported directly to the capitals of respective countries. Johnny Chou, Chairman and CEO, BEST Inc. said on the development that Southeast Asia has been a key focus area of BEST’s global strategy, and the company plans to invest more in the business and the region.

What’s the future for BEST Stock?

The statistics of the last 12 months reveal a grim picture for BEST stock. The stock has declined by 47% during the previous year. But in more recent times, it is on a gaining trajectory, with an increase of 71% during the last one month. So, potential investors should keep a close watch on BEST stock.

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