Good morning, ladies and gentlemen, and thank you for standing by for Waterdrop Inc.'s second quarter 2022 earnings conference call. Thank you for joining Waterdrop's second quarter 2022 earnings conference call.
It was a volatile day on the market for Waterdrop, Inc. (NYSE: WDH) on Friday as its share price surged early and fell later in the day. Waterdrop has two primary businesses: its online insurance marketplace and its medical crowdfunding business. The insurance marketplace is an online platform where users can shop for different types of health and life insurance available from selected insurance carriers.
Waterdrop (NYSE: WDH) was down on an otherwise up Wednesday for stocks. The insurance provider released its latest set of quarterly results, and investors were none too pleased. Waterdrop's unaudited first-quarter figures show that the company earned just under 649 million yuan ($92 million), which was down notably from the more than 883 million yuan ($131 million) it booked in the first quarter of 2021.