Vipshop Holdings Limited (NYSE:VIPS) reported first quarter earnings that beat analyst expectations on Tuesday.
But Vipshop’s shares plunged 8.6% in pre-market trading following the release, as revenue fell short of estimates, and the company provided disappointing guidance.
The Chinese online discount retailer posted adjusted earnings per share of RMB4.66, surpassing the analyst consensus of RMB4.36. However, revenue came in at RMB26.3 billion, missing the RMB26.53 billion analysts had projected.
Vipshop’s revenue guidance for the second quarter also disappointed investors. The company expects revenue between RMB25.5 billion and RMB26.9 billion, with the midpoint of RMB26.2 billion falling below current analyst estimates.
The revenue miss and weak outlook overshadowed the earnings beat, leading to the sharp stock decline. Vipshop’s first quarter revenue represented a modest 1.9% YoY increase compared to the same period last year.
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