Vipshop Earnings: VIPS Stock Soars on Q1 Earnings Beat
Vipshop (NYSE:VIPS) reported its quarterly earnings results late on Wednesday, amassing a profit that came in ahead of what analysts called for, while sales surged when compared to the year-ago quarter, playing a role in lifting VIPS stock after hours.
The China-based e-commerce business said that for its first quarter of its fiscal 2019, it brought in non-GAAP net income attributable to Vipshop’s shareholders that increased to RMB1.19 ($0.18) per ADS. Analysts were calling for the company to earn 15 cents per share.
The business’ revenue tallied up to RMB21.3 billion ($3.2 billion), marking a 7.3% increase when compared to its year-ago quarter, thanks in part to its growth in the number of total active customers. Analysts were calling for Vipshop to bring in sales of $2.97 billion.
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“During this quarter, our total active customers grew by 14% year over year, which was the result of enhanced loyalty from existing customers and accelerated growth in the number of new customers. Going forward, we will continue to expand our market share in the discount apparel segment, further strengthening our leading position in China,” said CEO Eric Shen.
VIPS stock is soaring roughly 6.6% after the bell Wednesday thanks to a positive performance from the company on both the earnings front, as well as on its revenue for its first three months of the new fiscal year. Shares had been falling about 5.1% during regular trading hours today.
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