China’s Uber for Trucks Shrugs Off Cybersecurity Probe to Report Market-Beating Quarter

Full Truck Alliance Co Ltd., which operates Chinese truck-sharing apps, posted a better-than-expected first quarter result on Wednesday, with its revenue surging 53.7% year-on-year to 1.3 billion yuan ($194 million) and net loss shrinking by 2.5% to 192 million yuan.

The NYSE-listed tech firm, also known as Manbang, attributed the strong performance to revenues generated from freight matching services — the core service offered by their apps — which rose 61% year-on-year to 1.1 billion yuan, despite typically lower seasonal demand and transportation bottlenecks caused by pandemic restrictions.