Summary by Moomoo AI
GigaCloud Technology reported strong financial results for Q2 2024, with total revenue surging 103.1% year-over-year to $310.9 million. Service revenues increased 97.2% to $85.4 million, while product revenues grew 105.3% to $225.5 million. Net income rose 46.7% to $27.0 million, with gross profit increasing 89.1% to $76.4 million.The company's operational metrics showed significant growth, with GigaCloud Marketplace GMV rising 80.7% year-over-year to $1.1 billion for the trailing twelve months. Active buyers increased 66.8% to 7,257, while active 3P sellers grew 39.8% to 930. Spend per active buyer improved 8.3% to $151,276, reflecting expanded product offerings and enhanced fulfillment capabilities.Looking ahead, GigaCloud continues to invest in infrastructure expansion, operating 40 fulfillment centers globally with 10.5 million square feet of space as of June 30, 2024. The company maintains a strong financial position with $185.6 million in cash and cash equivalents, while focusing on strategic initiatives including marketplace growth and technology enhancement.
