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Why Vipshop Holdings Stock Soared Today

TheMotleyFool

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Why Vipshop Holdings Stock Soared TodayPhoto, wide shot, wide-angle lens, Online marketplace, sunset photo at golden hour, photo by Ansel Adams: https://img.midjourneyapi.xyz/temp/27d484d8-d1b1-4519-9797-b5dcaa68d4e2.png

Shares of Vipshop Holdings (NYSE: VIPS) have soared today, up by 16% as of 11 a.m. EDT, after the company reported second-quarter earnings results. The Chinese online discount retailer beat profit forecasts.

Revenue in the second quarter increased 10% to 22.7 billion yuan ($3.3 billion), with gross merchandise value (GMV) rising 11%. That top-line growth represents acceleration from the first quarter. Vipshop posted adjusted net income of 1.1 billion yuan ($154.8 million), or 1.58 yuan ($0.23) per American depositary share (ADS). Analysts had been modeling for $0.15 per ADS in adjusted profits.

Image source: Getty Images.

Source Fool.com

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