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What Is Going on With Luckin Coffee (LKNCY) Stock Today?

Source: NewsToday / Shutterstock.com

Luckin Coffee (OTCMKTS:LKNCY) stock is on the move Tuesday after the Chinese coffee company reported earnings results for the third quarter of 2022.
That earnings report starts with the company’s …

Source: NewsToday / Shutterstock.com

Luckin Coffee (OTCMKTS:LKNCY) stock is on the move Tuesday after the Chinese coffee company reported earnings results for the third quarter of 2022.

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That earnings report starts with the company’s adjusted American Depositary Shares (ADS) of 24 cents. That’s an improvement over the company’s adjusted ADS reported during the same period of the year prior.

To go along with that, Luckin Coffe reported revenue of $547.5 million. That’s another improvement with it representing a 65.7% increase compared to the third quarter of 2022.

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Dr. Jinyi Guo, chairman and CEO of Luckin Coffee, said the following in the earnings report.

“We are pleased to deliver another quarter of improved results, with continued improvements across our key operating and financial metrics. Despite a normalization of same-store sales growth in line with our expectations, comparable store growth remained strong in the third quarter.”

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Covid-19 Continues to Weigh on LKNCY Stock

Despite the positive momentum in LKNCY’s latest earnings report, the company is still warning investors about Covid-19 affecting its business. That includes a statement claiming that the situation is still highly unpredictable and could have a negative effect on it in the foreseeable future.

LKNCY stock is experiencing heavy trading today with over 2 million shares on the move. For the record, its daily average trading volume is about 1.8 million shares.

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LKNCY stock is down 4.6% as of Tuesday morning.

There’s more hot stock market news to dive into below!

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We’ve got all of the latest stock stories traders need to know about on Tuesday! That includes why shares of Mullen Automotive (NASDAQ:MULN), Tesla (NASDAQ:TSLA), and Dollar Tree (NASDAQ:DLTR) stock are moving today. You can catch up on that at the following links!

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More Tuesday Stock Market News

  • Mullen Is Reselling 220 Million Shares of MULN Stock
  • Why Tesla (TSLA) Stock Is Having Its Worst Year Yet
  • DLTR Stock Slumps as Dollar Tree Cuts Outlook

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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The post What Is Going on With Luckin Coffee (LKNCY) Stock Today? appeared first on InvestorPlace.

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