Webuy Global Reports Revenue Growth Amidst Net Loss
Company Announcements

Webuy Global Reports Revenue Growth Amidst Net Loss

Webuy Global Ltd. (WBUY) has released an update.

Webuy Global Ltd. reports a 15.4% increase in revenue for the first half of 2024, driven by a notable 26.8% rise in Indonesian grocery sales and the opening of a new physical store in the region. Despite this, the company faced a net loss, albeit a reduced one compared to the previous year, with an improvement in gross profit margin from 3% to 9.1% attributed to economies of scale in Indonesia. Operating expenses also rose due to increases in lease expenses, staff costs, and payment gateway fees associated with business expansion.

For further insights into WBUY stock, check out TipRanks’ Stock Analysis page.

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