GigaCloud Posts Record Q2 Revenue of $411.6M, Launches $120M Buyback
GCT has more than doubled off its 52-week low of $21.19.
Summary
GigaCloud Technology reported record Q2 revenue of $411.6 million, a 27.6% increase year-over-year, with diluted EPS of $1.16 and net income of $42.3 million, surpassing expectations. The company's gross margin expanded to 25.6% from 23.9% a year ago. Concurrently, GigaCloud announced a new $120 million three-year share repurchase program, replacing an existing plan with only $30 million remaining, and accelerated buybacks to $30 million in Q2 plus an additional $18 million post-quarter. This follows strong Q1 results and a pattern of consistent execution. The company also provided Q3 revenue guidance of $375 million to $400 million, implying continued growth and signaling management's confidence in the stock, which is trading near its 52-week high.
At the time of this announcement, GCT was trading at $50.55 on NASDAQ in the Technology sector, with a market capitalization of approximately $1.7B. The 52-week trading range was $21.19 to $51.86. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: GlobeNewswire.