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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. Stock Jumps on Better-Than-Expected Earnings

By Denise Jia / Mar 03, 2020 05:55 AM / Business & Tech

Photo: VCG

Photo: VCG’s shares surged more than 12% Monday after the Chinese e-commerce giant reported a 27% increase in fourth-quarter revenue and better-than-expected profit.

The company reported fourth-quarter revenue of 170.7 billion yuan ($24.4 billion), up 26.6% from 134.83 billion yuan during the same time period last year and beating consensus estimates of 167 billion yuan. Adjusted net income of 811 million yuan, or 0.54 yuan per share, also beat analysts’ average estimate of 718 million yuan. forecast first-quarter revenue growth of at least 10% year-over-year, well below the 21% increase estimated by Bloomberg. The company said the estimate is “subject to change” due to the effects of the coronavirus.

E-commerce platforms like have benefited from the epidemic as consumers turned to online shopping to avoid virus exposure. said annual active customers increased by 18.6% to 362 million in 2019. Mobile monthly active users in December increased by 41% compared with the same month in 2018.

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