Full Truck Alliance (FTA) has delivered what it called “another record-setting” quarter as it continued to grow its monthly active users (MAUs) and benefited from operational and financial improvements, sending its stock higher in Monday morning trading.
The Chinese digital freight platform grew sales by 25.2% to $310.3 million for the quarter to September 30, 2023.
Earnings per share for the quarter jumped 57% to $0.11, beating analysts’ consensus estimates for earnings of $0.8 per share, according to Zacks Investment Research.
“Both user scale and number of fulfilled orders achieved significant growth year over year, reflecting the resiliency of domestic economy, the strong network effect of FTA's nationwide road logistics network and the unparalleled competitive moat created by our unique business model,” FTA founder and CEO Peter Hui Zhang said in a statement.
“In addition, our average shipper MAUs reached a new record of 2.13 million during the quarter, validating the considerable growth potential in the small and medium-sized direct shipper market.”
The company has guided for 4Q revenue to be 18.2% to 20.6% higher than last year.
Its US-listed American Depositary Receipts (ADRs) rose 15% to $8.06 by midday in New York.
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