Why GigaCloud Technology Stock Popped Today
Shares of GigaCloud Technology (NASDAQ: GCT) are up 15.2% as of 12:45 p.m. ET Friday after the Hong Kong based business-to-business (B2B) e-commerce solutions company announced strong quarterly results.
GigaCloud's third-quarter revenue grew 39.2% year over year to $178.2 million, translating to net income of $24.2 million or $0.59 per share. Analysts, on average, were only expecting earnings of $0.38 per share on revenue of $178.2 million.
This marked GigaCloud's third consecutive quarter of record profitability. Within GigaCloud's top line, service revenue from its GigaCloud 3P grew 27.2% year over year to $51.5 million, while product revenue from GigaCloud 1P increased 38.1% to $80.4 million. Product revenue from off-platform e-commerce climbed 58% to $46.3 million.
Source Fool.com
