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- Vipshop Holdings Ltd (NYSE:VIPS) reported third-quarter FY21 revenue growth of 7.5% year-on-year to $3.867 billion, marginally missing the consensus of $3.89 billion.
- Drivers: Vipshop's GMV expanded 5% Y/Y to RMB40.2 billion.
- The number of active customers improved from 43.4 million to 43.9 million.
- Total orders were flat at 172.9 million.
- Margins: The gross margin contracted 170 bps to 19.4%.
- The non-GAAP operating margin contracted 220 bps to 4.2%.
- Vipshop held $2.6 billion in cash and equivalents. It used $261.7 million in operating cash flow during the quarter.
- Non-GAAP earnings per ADS of $0.23 missed the consensus of $0.25.
- "We have delivered top-line growth in line with our expectations, primarily driven by the solid contribution from our high-value customers who helped improve the overall average revenue per user," CFO David Cui said.
- Outlook: Vipshop sees Q4 revenue of RMB35.8 billion - RMB37.6 billion, representing $5.56 billion - $5.83 billion, below the consensus of $6 billion.
- Price Action: VIPS shares traded lower by 9.65% at $11.05 in the premarket session on the last check Thursday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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