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CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China. Swings to Profit in Second Quarter, Spurring Shares

By Yuan Ruiyang and Denise Jia / Aug 14, 2019 04:51 AM / Business & Tech

Photo: VCG

Photo: VCG

Chinese e-commerce company Inc. reported stronger-than-expected second-quarter earnings, pushing its Nasdaq-listed stock up more than 12% Tuesday afternoon.

The company swung to net income of 618.8 million ($90.1 million), or 0.36 yuan a share in the second quarter ended June 30, from a loss of 2.21 billion a year ago.

The company posted non-GAAP adjusted earnings per share of 2.30 yuan, or $0.33, compared with 0.33 yuan a year ago.

Revenue rose 22.9% to 150.28 billion yuan from 122.29 billion yuan, beating analysts’ expectation of 147.39 billion yuan. Net service revenue grew 42% to 16.8 billion yuan.

For the third quarter, expects revenue between 126 billion yuan and 130 billion yuan, representing 20%-24% growth over a year ago.

The company said its annual active customers increased to 321.3 million in the 12 months ended June 30 from 310.5 million as the end of the first quarter.

Technology and content expenses increased by 34% to 3.7 billion in the second quarter as a result of the company’s continued investment in research talent and technology infrastructure.’s American Depositary Shares jumped $3.38 or 12.44% and recently traded at $30.51.

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