Why Full Truck Alliance Shares Are Popping Off

Full Truck Alliance Co Ltd - ADR (NYSE: YMM) shares are trading higher by 14.33% to £7.02 Wednesday morning after the company reported better-than-expected third-quarter adjusted earnings per ADS and sales results.

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What Happened?

Load Error Full Truck Alliance reported quarterly earnings of 7 cents per ADS which beat the analyst consensus estimate of 2 cents. The company reported quarterly sales of £254.24 million which beat the analyst consensus estimate of £234.11 million by roughly 9%.

This sales figure is a 32% increase over sales of £192.70 million in the same period last year. See Also: Why Guess Shares Are Falling Today Additionally, Full Truck Alliance says non-GAAP adjusted net income in the third quarter of 2022 was RMB493.0 million (US£69.3 million), compared with non-GAAP adjusted net loss of RMB4.7 million in the same period of 2021.

Trending: Paul Tudor Jones Says Russia-Ukraine War Likely To End With 'Violent Death' Of Putin: Here's What It Mean Must Read: Crypto Is Facing A Trust Crisis: One Part Lehman Brothers, One Part Dot-Com Bubble? Meanwhile, Gross Transaction Value in the third quarter of 2022 reached RMB69.6 billion (US£9.8 billion), an increase of 3.5% from RMB67.3 billion in the same period of 2021.

"In the context of weak seasonal demand and strong macro headwinds, we delivered solid third quarter results through our powerful digital freight platform and operational excellence, underscoring the sustainability of our business model," said Peter Hui Zhang, Founder, Chairman and Chief Executive Officer of FTA. According to data from Benzinga Pro, YMM has a 52-week high of £13.28 and a 52-week low of £4.12.

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