Why GigaCloud Technology Shares Are Surging Today
Portfolio Pulse from Lekha Gupta
GigaCloud Technology Inc. (NASDAQ:GCT) shares surged after reporting Q4 FY 2023 earnings that exceeded expectations and providing an optimistic 2024 guidance. Revenue increased by 94.8% Y/Y to $244.7 million, surpassing the consensus of $224.2 million, driven by higher demand for large parcel merchandise. The company's GMV and active buyers also saw significant year-over-year growth. Gross profit and adjusted EBITDA rose substantially, with EPS of $0.87 beating the consensus of $0.58. The company highlighted the integration of Noble House and Wondersign as key to its global expansion. GCT expects Q1 2024 revenues to be between $230 million and $240 million, above the consensus of $210.2 million. Shares were up 14.2% to $39.96.
March 15, 2024 | 3:50 pm
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GigaCloud Technology Inc. reported impressive Q4 FY 2023 earnings, with significant revenue growth and a positive outlook for Q1 2024, leading to a 14.2% increase in stock price.
GCT's stock price surge is directly attributed to its better-than-expected Q4 FY 2023 earnings report and optimistic revenue guidance for Q1 2024. The significant year-over-year growth in revenue, GMV, and active buyers, along with the successful integration of Noble House and Wondersign, signal strong operational performance and strategic expansion. These factors contribute to a positive outlook for GCT's stock in the short term.
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