Leisure-focused online travel company Tuniu Corporation reported its third-quarter financial results on December 1, posting a 32.1% year-on-year decline in net revenues and a 57.8% gross margin for the quarter.
Revenues from packaged tours were RMB 41.4 million (USD 5.8 million) in the third quarter of 2022, representing a year-over-year decrease of 54.3% from the corresponding period in 2021. The decrease was primarily due to the resurgence of COVID-19 in certain regions in China.
Other revenues were RMB 36.4 million (USD 5.1 million) in the third quarter of 2022, representing a year-over-year increase of 52.3% from the corresponding period in 2021. The increase was primarily due to the increase in the commission fees received from other travel-related products.
Net loss was RMB 23.5 million (USD 3.3 million) in the third quarter of 2022, compared to a net loss of RMB36.6 million in the third quarter of 2021.
As of September 30, 2022, the company had cash and cash equivalents, restricted cash and short-term investments of RMB 949.6 million (USD 133.5 million).
For the fourth quarter of 2022, the company expects to generate RMB 23.5 million to RMB 30.8 million of net revenues, which represents a 58% to 68% decrease year-over-year.