E-commerce solutions company GigaCloud Technology (GCT -2.78%) was a big winner on the stock market as the trading week came to a close. On Friday, the company's shares rocketed more than 23% higher on the back of very encouraging quarterly results. The stock's performance was night-and-day better than that of the S&P 500 index, which slumped to close 0.7% lower.
Convincing beats on both the top and bottom lines
For its fourth quarter, GigaCloud took in just under $245 million in revenue; this was nearly double the almost $126 million it booked in the same period of 2022. The e-commerce products and services specialist did even better on the bottom line, with net income according to generally accepted accounting principles (GAAP) rising almost threefold to $35.6 million ($0.87 per share) from $12.5 million in the year-ago quarter.
Both headline figures trounced analyst estimates. On average, these anticipated slightly over $224 million in revenue and a mere $0.29 for per-share net income.
The nearly $245 million GigaCloud earned on the top line set a new all-time record for quarterly revenue. In its earnings release, the company said that product integration and the geographic expansion of its business helped boost results significantly.
Current-quarter revenue anticipated to be 83% higher year over year
GigaCloud also proffered revenue guidance for its current (first) quarter. The company expects it will book $230 million to $240 million in revenue for the period, which would be a considerable improvement from the less-than $126 million of Q1 2022. GigaCloud did not provide any profitability forecasts.
