Online Grocer Dingdong Posts First-Ever Quarterly Profit After Slashing Costs

What’s new: U.S.-listed Chinese online grocer Dingdong (Cayman) Ltd. reported a net profit attributable to shareholders of 47.8 million yuan ($6.9 million) in the fourth quarter of 2022, its first time in the black after the firm doubled down on cost controls.

Quarterly revenue grew 13.1% year-on-year to 6.2 billion yuan, according to the financial report published Monday.