GigaCloud Technology Inc. (NASDAQ:GCT) reported its fourth-quarter results after Monday's closing bell. Here's a look at the details from the report.
The Details: GigaCloud Technology reported quarterly earnings of 75 cents per share which missed the analyst consensus estimate of 81 cents. Quarterly revenue came in at $295.78 million which beat the analyst consensus estimate of $288.33 million and is an increase over revenue of $244.73 million from the same period last year.
The company also reported:
- Gross profit of $65 million, decreased 6.9% year-over-year.
- Gross margin was 22%, compared to 28.5% in the fourth quarter of 2023.
- GigaCloud Marketplace GMV3 increased 68.9% year-over-year to $1.34 billion for the 12 months ended Dec. 31, 2024.
- Spend per active buyer was $144,142 for the 12 months ended Dec. 31, 2024.
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The El Monte, California-based company also announced its board of directors approved the appointment of Erica Wei as chief financial officer after serving as interim CFO since August 2024.
“2024 was a landmark year for GigaCloud as we surpassed $1 billion in total revenues for the first time, a milestone that underscores the strength and resilience of our B2B Marketplace amid a challenging macroeconomic environment,” said Larry Wu, CEO.
Outlook: The company sees first-quarter revenue in a range of $250 million to $265 million, versus the $281.4 million analyst estimate.
GCT Price Action: According to data from Benzinga Pro, GigaCloud Technology shares are down 8.55% after hours at $14.65 after dropping 5.38% during Monday’s regular trading session.
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