• Sun. Apr 21st, 2024

GigaCloud Technology Surges 23% in One Day

BySamantha Johnson

Mar 15, 2024
GigaCloud Technology Surges 23% in One Day

E-commerce solutions company GigaCloud Technology (GCT 23.32%) saw a significant increase in its stock price at the end of the trading week. The company’s shares surged by more than 23% on Friday due to positive quarterly results. This performance was in stark contrast to the S&P 500 index, which closed 0.7% lower.

In the fourth quarter, GigaCloud reported revenue of nearly $245 million, almost double the amount from the same period in 2022. The company’s net income also saw a significant increase, reaching $35.6 million ($0.87 per share) according to GAAP standards, compared to $12.5 million in the previous year. Both revenue and net income surpassed analyst expectations.

GigaCloud’s record-breaking quarterly revenue was attributed to product integration and business expansion. The company’s revenue guidance for the current quarter anticipates a substantial increase of 83% year over year, with expectations of generating between $230 million to $240 million in revenue.

Analyst Eric Volkman has no positions in the mentioned stocks and The Motley Fool also has no position in these stocks, with a disclosure policy in place.

By Samantha Johnson

As a content writer at newszkz.com, I delve into the realms of storytelling, blending words to paint vivid narratives that captivate and inform our readers. With a keen eye for detail and a passion for research, I craft compelling articles that resonate with our audience. My love for words drives me to explore diverse topics, ensuring that each piece I create not only educates but also entertains. Join me on this journey as we navigate the ever-evolving landscapes of news and knowledge together.

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