By Ben Glickman
American depositary receipts of Full Truck Alliance surged Wednesday after the company's third-quarter revenue and outlook for the fourth quarter surpassed analysts' expectations.
The Chinese digital-freight platform's ADRs were up 15%, to $9.89, in afternoon trading in New York. Shares are up about 41% this year.
Full Truck Alliance said its revenue increased 34% from a year earlier, to 3.03 billion Chinese yuan ($418.5 million). That result was ahead of the company's guidance and the CNY2.77 billion expected by analysts polled by FactSet.
The company said it saw a rapid increase in transaction service and growth in its freight brokerage service business during the period.
Full Truck Alliance expects revenue of CNY2.94 billion to CNY3 billion in the fourth quarter, compared with the CNY2.81 billion expected by analysts polled by FactSet.
The company posted a profit of CNY1.11 billion, or CNY0.05 a share, compared with a profit of CNY614.4 million, or CNY0.03 a share, a year earlier.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
November 20, 2024 14:25 ET (19:25 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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