GigaCloud Surges On Improved Quarterly Results

(RTTNews) - Shares of GigaCloud Technology Inc. (GCT), an end-to-end B2B ecommerce solutions provider, are rallying more than 40% Wednesday morning after reporting strong growth in quarterly earnings, helped by increase in revenue.

Net income in the first quarter rose to $15.94 million or $0.39 per share from $4.37 million or $0.13 per share a year ago.

Total revenues were $127.8 million in the first quarter, an increase of 13.7% from $112.4 million last year.

Looking forward to the second quarter, the company expects revenues to be between $140 million and $145 million.

GCT, currently at $8.25, has traded in the range of $4.14 - $62.00 in the last 1 year.