Vipshop Holdings Limited (VIPS) plunged 5.19% in pre-market trading on Tuesday after the Chinese online discount retailer reported mixed third-quarter 2024 results and issued weaker-than-expected guidance for the current quarter.

For the third quarter, Vipshop reported revenue of RMB 20.7 billion ($2.95 billion), down 9.2% year-over-year but slightly above analyst estimates of RMB 20.65 billion. Adjusted earnings per American Depositary Share (ADS) came in at RMB 2.47 ($0.35), beating the consensus forecast of RMB 2.49 but declining from RMB 3.33 in the prior-year period.

While Vipshop's Q3 results exceeded expectations, the company's outlook for the fourth quarter dampened investor sentiment. Vipshop expects Q4 revenue in the range of RMB 31.2 billion to RMB 32.9 billion, representing a year-over-year decrease of approximately 10% to 5%. This guidance fell short of analysts' expectations of RMB 32.02 billion.