Luckin Dips Back Into the Red as It Doubles Down on Expansion

Chinese coffee chain Luckin Coffee Inc. said it slipped back into the red in the second quarter, despite strong growth in revenue, as it pumped cash into expanding its business.

The Xiamen-based startup reported a net loss of 114.7 million yuan ($17 million) in the three months ending June, compared to a 21 million yuan net profit in the same period of last year, according to its earnings report released on Monday.