Why GigaCloud Technology Zoomed 23% Higher Today
E-commerce solutions company GigaCloud Technology (NASDAQ: GCT) was a big winner on the stock market as the trading week came to a close. On Friday, the company's shares rocketed more than 23% higher on the back of very encouraging quarterly results. The stock's performance was night-and-day better than that of the S&P 500 index, which slumped to close 0.7% lower.
For its fourth quarter, GigaCloud took in just under $245 million in revenue; this was nearly double the almost $126 million it booked in the same period of 2022. The e-commerce products and services specialist did even better on the bottom line, with net income according to generally accepted accounting principles (GAAP) rising almost threefold to $35.6 million ($0.87 per share) from $12.5 million in the year-ago quarter.
Both headline figures trounced analyst estimates. On average, these anticipated slightly over $224 million in revenue and a mere $0.29 for per-share net income.
Source Fool.com
