Senmiao Technology Limited (Nasdaq: AIHS) announced its financial results for the full-year fiscal 2023, showcasing positive revenue growth and a significant reduction in net loss from continuing operations.

The company reported total revenues of $8.1 million from continuing operations, representing a significant increase of 64.5% compared to the previous fiscal year. This growth was primarily driven by higher operating lease revenues from automobile rentals and increased revenues from their online ride-hailing platform services.

Furthermore, Senmiao's net loss from continuing operations improved to $3.8 million, indicating a reduction compared to the net loss of $5.6 million in the prior fiscal year. This improvement can be attributed to the company's cost-cutting initiatives, which effectively lowered selling, general, and administrative expenses.

In pre-market, $AIHS is currently trading at $0.64, reflecting a notable increase of $0.09 (17.78%).

In other news, Fastenal Company (Nasdaq: FAST) released its financial results for the second quarter of 2023, reporting earnings per share (EPS) of $0.52 and sales of $1.88 billion, both slightly below market expectations. Analysts had projected an EPS of $0.53 on revenue of $1.89 billion for the period.

$FAST is currently trading at $57.13 in pre-market, down $1.60 (2.72%).

THIS IS NOT A RECOMMENDATION TO BUY OR SELL ANY SECURITY OR DIGITAL ASSET. Please consult with a professional investment advisor before purchasing or selling any securities viewed on or mentioned herein. (Read Full Disclaimer)