Shares of GigaCloud Technology Inc (Nasdaq: GCT) surged 13.90% on Tuesday, driven by the company's impressive financial results for the third quarter and nine months ended September 30, 2024. The e-commerce giant reported record-high net income and strong revenue growth, fueled by the continued success of its GigaCloud Marketplace platform.

For the third quarter, GigaCloud's net income soared 68.2% year-over-year to $40.7 million, while revenues jumped 70.2% to $303.3 million. The company's adjusted EBITDA also witnessed a substantial increase of 63.8% to $48.8 million, reflecting the strong operational performance and scalability of its business model.

The robust financial results were underpinned by the remarkable growth of the GigaCloud Marketplace, which saw its Gross Merchandise Value (GMV) surge 80.2% year-over-year for the 12 months ended September 30, 2024. The platform's popularity continued to attract both buyers and sellers, with active buyers increasing by 85.5% and active sellers rising by 41.8% during the same period.