GigaCloud Technology Inc (Nasdaq: GCT) witnessed a remarkable surge of 6.51% in its stock price on November 7, 2024, driven by the company's exceptional financial performance for the third quarter and nine months ended September 30, 2024.

The e-commerce giant reported record-high net income of $40.7 million in the third quarter, representing a staggering 68.2% year-over-year increase. This impressive growth was fueled by robust revenue growth of 70.2%, reaching $303.3 million for the quarter. The company's adjusted EBITDA also witnessed a substantial rise of 63.8% to $48.8 million, reflecting the strong operational performance and scalability of its business model.

The cornerstone of GigaCloud Technology's success lies in the remarkable growth of its GigaCloud Marketplace platform. For the 12 months ended September 30, 2024, the platform's Gross Merchandise Value (GMV) surged an impressive 80.2% year-over-year. This growth was driven by a significant increase in both active buyers and active sellers on the platform, with active buyers rising by 85.5% and active sellers increasing by 41.8% during the same period.