Why GigaCloud Shares Are Moving Wednesday

GigaCloud Technology Inc. GCT shares are rising Wednesday after the company delivered first-quarter financial results which showed the highest profitability in the company's history, a 200% year-over-year increase.

What To Know: GigaCloud Technology reported quarterly earnings of 39 cents per share, compared to 13 cents per share in the same period last year.

The company reported $127.80 million in sales this quarter, representing a 13.7% increase over sales of $112.4 million in the same period last year.

"During the first quarter of 2023, we delivered record breaking financial and operation results through our relentless focus on execution and as we benefited from the industry-wide normalization of ocean shipping freight cost," said David Lau, CFO of GigaCloud.

"The continued increase in our GigaCloud Marketplace GMV as well as our expanded user base are strong testament to the value we offer to streamline cross border transactions of large parcel merchandise."

Related Link: Why Are Enveric Biosciences Shares Climbing?

GCT Price Action: Shares of GigaCloud Technology were up 38.7% at $7.87 at the time of publication, according to Benzinga Pro.

Image by Bethany Drouin from Pixabay

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