Why GigaCloud Technology Shares Are Up Today
Portfolio Pulse from Lekha Gupta
GigaCloud Technology Inc (NASDAQ:GCT) shares rose approximately 8% after reporting strong Q3 FY23 results. Revenue increased by 39.2% Y/Y to $178.2 million, surpassing the consensus of $163.8 million. The company's marketplace GMV grew by 40.8% Y/Y, and the number of active sellers and buyers also saw significant increases. Gross profit soared by 117.3% Y/Y, and adjusted EBITDA increased by 150.4% Y/Y. EPS of $0.59 beat the consensus of $0.38. The company also highlighted its strong cash position and the completion of the Noble House and Wondersign acquisitions. For Q4, GigaCloud expects revenues to significantly exceed consensus estimates.
December 01, 2023 | 10:50 am
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POSITIVE IMPACT
GigaCloud Technology reported impressive Q3 FY23 results with significant year-over-year growth in revenue, GMV, active sellers and buyers, gross profit, and adjusted EBITDA. The company also beat EPS estimates and provided a strong Q4 revenue outlook.
The positive earnings report and the strong forward guidance provided by GigaCloud Technology are likely to instill investor confidence and could lead to a continued increase in the stock price in the short term. The company's performance surpassing consensus estimates, along with the successful acquisitions, further strengthens the bullish case for the stock.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100