GigaCloud Technology Q2 Net Income Declines; Total Revenues Up 11.0%

GigaCloud Technology Inc (GCT) reported that its second quarter net income declined to $6.1 million from $13.6 million, prior year. Earnings per share was $0.15, compared to $0.43.

Total revenues were $124.0 million, an increase of 11.0% from $111.8 million, a year ago. The company said the increase was primarily due to an increase in service revenue from GigaCloud 3P and product revenue from GigaCloud 1P, partially offset by the decrease in product revenue from off-platform ecommerce.

David Lau, CFO of GigaCloud, said, "We are pleased to see topline growth despite a quarter of supply chain challenges. This is attributable to the company's effort to continue attracting more buyers and sellers as demand continues to rise for large parcel sales and deliveries."

The company expects total revenues to be between $122 million and $127 million in the third quarter of 2022.

Shares of GigaCloud Technology are up 8% in pre-market trade on Friday.

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