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Why Full Truck Alliance Was Soaring Today

TheMotleyFool

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Why Full Truck Alliance Was Soaring Today: https://g.foolcdn.com/editorial/images/698122/long-haul-truckers-16-wheeler-truck-shipment-delivery.jpg

Shares of digital freight platform Full Truck Alliance (NYSE: YMM) surged today, up 13.6% as of 12:30 p.m. ET.

Not only did FTA report better-than-feared earnings during what was a difficult quarter for the Chinese economy, but generally more optimistic news on China today was also helping U.S.-listed Chinese stocks across the board. This combination of factors led to today's powerful rally.

In the second quarter, which encompassed the severe Shanghai lockdowns of March through May, Full Truck managed to grow revenue 49.3% to $249.3 million, with adjusted (non-GAAP) earnings per ADS of $0.04. Both came in ahead of expectations and above the high end of the cautious guidance given back in June.

Source Fool.com

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