Shares of online retailer Vipshop Holdings (NYSE:VIPS) are rising in the pre-market session today after the company posted a third-quarter earnings beat.
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Revenue declined 13.3% year-over-year to $3 billion, missing estimates by $60 million. EPADS (Earning per American Depository Share) at $0.36, on the other hand, came in ahead of expectations by $0.12.
At the same time, the company’s GMV declined to RMB37.6 billion from RMB40.2 billion a year ago. The number of active customers with VIPS too saw a decline to 41 million from 43.9 million a year ago.
The company’s top line continues to see challenges owing to the macro environment and COVID-19 restrictions.
Looking ahead to the fourth quarter, VIPS sees net revenue landing between RMB30.7 billion and RMB32.4 billion. The figures imply a year-over-year decline between 10% and 5%.
At present, the Street has a Moderate Buy consensus rating for the stock based on four Buys and five Holds. Shares of the company have already rallied 22% over the past month.
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