Why Vipshop Holdings Shares Plunged Today

Shares of Vipshop Holdings (NYSE: VIPS) have plunged today, down by 11% as of 12:30 p.m. EST, after the company reported fiscal third-quarter earnings results. Shares jumped last week, but earnings are knocking them back down.

Revenue in the third quarter rose 28% to $2.3 billion, which translated into non-GAAP net income of $84.1 million, or $0.14 per ADS. Gross profit increased by 19% to $526 million. Vipshop added three warehouses during the quarter in Taiyuan, Hohhot, and Hefei, China, and now has a total of 14 local warehouses.

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Source: Fool.com