GigaCloud reports Q3 EPS 98c, consensus 67c

Reports Q3 revenue $303.3M, consensus $279.57M.”Our quarterly net income and adjusted EBITDA have reached new record highs of $40.7 million and $48.8 million, respectively,” said Larry Wu, Founder, Chairman, and Chief Executive Officer. “We have also surpassed the 1,000 mark for active sellers and accumulated over 8,500 buyers, with Marketplace GMV exceeding $1.2 billion. GigaCloud’s (GCT) continued growth across all metrics, despite strong industry headwinds, underscores the strength and resilience of our Supplier Fulfilled Retail SFR model. We are optimistic about the transformative potential of digitizing the global supply chain for large-parcel merchandise and remain focused on managing near-term sector challenges as we position GigaCloud for sustained, profitable long-term growth.” “In recognition of GigaCloud’s substantial progress and optimistic outlook for the future, our board authorized a $46 million share repurchase program on September 3, 2024.” said Erica Wei, interim Chief Financial Officer. “As of November 6, 2024, we have purchased approximately $11.4 million shares pursuant to a repurchase plan under Rule 10b5-1. Our commitment to maximizing shareholder value is grounded in thoughtful capital deployment decisions. In line with this approach, we plan to retire the shares repurchased to date under the authorization, which will effectively reduce the Company’s total issued shares and underscore our dedication to sustainable, long-term value creation.”