On May 12, Chinese online grocer Dingdong Maicai released its unaudited first-quarter financial results, announcing a revenue of RMB 5 billion ($0.72 billion), representing an 8.2% year-on-year decrease. The company’s reported non-GAAP net income for the first quarter of 2023 was RMB 6.1 million ($0.9 million), compared with a non-GAAP net loss of RMB 422.2 million ($60.66) in the same quarter of 2022. Gross merchandise volume (GMV) for the first quarter decreased by 6.8% year-on-year to RMB 5,451.2 million ($793.8 million). Dingdong attributed the decline in GMV to decreased consumer demand in the first quarter of 2023, following the removal of most pandemic-related restrictions in China. “Our first-quarter results increase our confidence in achieving non-GAAP break-even for the full year 2023,” said Yu Le, Dingdong’s chief strategy officer. [IThome, in Chinese]