Chinese fashion e-commerce platform Mogu has released its second-quarter results indicating that sales linked to live video broadcasts have continued to gain steam.
In the quarter through June 30, New York-listed Mogu’s livestreaming-related sales skyrocketed 72.4% year-on-year to 2.3 billion yuan ($320.7 million), accounting for 72.6% of total gross merchandise value (GMV). However total GMV sales saw a year-on-year decrease of 25.2% to 3.1 billion yuan, according to the company’s latest quarterly earnings report. In the previous quarter, about 65% of Mogu’s total GMV came from livestreaming e-commerce.
As of the end of June, the number of active buyers of goods sold via livestreaming increased to 3.7 million, Mogu said.
Mogu chairman and CEO Chen Qi attributed the robust livestreaming-related GMV growth to the company’s reorganization plans that prioritize the business segment. Mogu has previously announced plans to hire additional livestreaming hosts with a promise to offer them more incentives.
During the period between April and June, Mogu’s total revenues dropped 46.8% year-on-year to 132.5 million yuan, while its net losses shrank to 88.9 million yuan from 120.5 million yuan a year ago, the financial report said.
Mogu’s U.S.-listed shares closed down 20.4% at $2.5 on Monday.
Contact reporter Ding Yi (firstname.lastname@example.org)