Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Investors Business Daily
Investors Business Daily
Technology
REINHARDT KRAUSE

GigaCloud Fourth-Quarter Earnings Due March 15 Amid Big Run-Up

GigaCloud Technology will report fourth-quarter earnings on Friday before the market open. GigaCloud stock ranks No. 1 in the IBD 50 roster of growth stocks ahead of the Q4 earnings report.

The company plans to host a conference call to discuss its financial results on Monday, March 18.

On Tuesday, shares jumped 19.5% to close at 36.84. GigaCloud stock has gained 101% in 2024 amid trading volatility.

For Q4, analysts polled by FactSet predict adjusted earnings per share of 58 cents, up 87% from a year earlier. Including acquisitions, revenue is expected to climb 78% to $224.2 million.

"We expect GCT to deliver another eye-catching quarter results in Q4," said CMB International analyst Sophie Huang in a recent report.

GigaCloud Stock: Customers Sell On Amazon

She added: "Strong top-line growth was mainly boosted by effective third-party seller expansion and Black Friday performance." GigaCloud's customers include sellers on Amazon.com.

In the next fiscal year, analysts project adjusted EPS of $2.42 on revenue of $1.03 billion.

CMB's Huang said: "In January, 2024, we noticed booming demand from sellers (furniture manufacturers) shipping products in U.S./Europe warehouse. We think such strong momentum would support a good start in 2024."

GigaCloud IPO In 2022

GigaCloud went public in August 2022. Early investors in the company included China's JD.com.

GigaCloud sources large-parcel items such as furniture, home appliances and fitness equipment from China and elsewhere. It sells them to buyers and retailers in the U.S., Europe, Japan and other places, while providing logistics, warehousing and technological solutions in the process.

Further, GigaCloud has been making acquisitions. It recently purchased digital signage company Apexis and its Wondersign business. It also bought Noble House Home Furnishings.

Follow Reinhardt Krause on X, formerly Twitter @reinhardtk_tech for updates on artificial intelligence, cybersecurity and cloud computing.

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.