GigaCloud Technology (GCT) on Friday reported unaudited fourth-quarter earnings and revenue that handily beat Wall Street targets, while also offering upbeat first-quarter guidance. GigaCloud stock popped on the news.
X
The company plans to host a conference call to debate its financial results on Monday, March 18.
On the stock market today, shares rose 8.5% to 37.95 before the open. GigaCloud stock has gained 91% in 2024 amid trading volatility. Shares have soared 260% for the explanation that Q3 earnings report.
GigaCloud Earnings
Inside the quarter ended Dec. 31, GigaCloud said it earned 87 cents on an adjusted basis, up 180% from the year-earlier period. GigaCloud said revenue rose 95% to $244.7 million.
Analysts polled by FactSet predicted adjusted GigaCloud earnings per share of 58 cents on revenue of $224.2 million.
The company forecast first-quarter revenue of $235 million vs. estimates of $210 million.
In the next fiscal yr, analysts project adjusted EPS of $2.42 on revenue of $1.03 billion.
GigaCloud Stock: 2022 IPO
GigaCloud went public in August 2022. Early investors in the company included China’s JD.com (JD).
GigaCloud sources large-parcel items paying homage to furniture, home appliances and fitness equipment from China and elsewhere. It sells them to buyers and retailers inside the U.S., Europe, Japan and other places, while providing logistics, warehousing and technological solutions in the strategy.
Further, GigaCloud has been making acquisitions. It recently purchased digital signage company Apexis and its Wondersign business. It also bought Noble House Home Furnishings.
GigaCloud stock ranked No. 1 inside the IBD 50 roster of growth stocks ahead of the Q4 earnings report.
Follow Reinhardt Krause on X, formerly Twitter @reinhardtk_tech for updates on artificial intelligence, cybersecurity and cloud computing.
YOU MAY ALSO LIKE:
IBD Digital: Unlock IBD’s Premium Stock Lists, Tools And Evaluation Today
Learn How To Time The Market With IBD’s ETF Market Strategy
IBD Live: A Latest Tool For Daily Stock Market Evaluation
Want To Get Quick Profits And Avoid Big Losses? Try SwingTrader