Stock Alert: Vipshop Holdings Slips 7%
Shares of Vipshop Holdings Ltd. (VIPS) is slipping over 7% on Wednesday morning after the Chinese online retailer reported its first-quarter results and issued a revenue outlook for second quarter.
VIPS is currently trading at $22.88, down $1.81 or 7.33%, on the Nasdaq.
Vipshop reported first-quarter profit of RMB1.55 billion or RMB2.18 per ADS, compared to RMB684.8 million or RMB1.00 per ADS last year. On an adjusted basis, net income was RMB1.71 billion or RMB2.41 per ADS, compared to RMB986.1 million or RMB1.44 per ADS last year.
On a US Dollar basis, Vipshop reported net income of $235.9 million or $0.33 per share. Adjusted income was $261.4 million or $1.84 per share last year.
Revenue for the quarter increased by 51.1% year over year to RMB28.4 billion from RMB18.8 billion last year. Revenues were $4.3 billion, on US Dollar basis.
Gross Merchandise Value for the first quarter increased by 59% year over year to RMB46.1 billion from RMB28.9 billion in the prior year period. The number of active customers for the first quarter increased by 54% year over year to 45.8 million from 29.6 million in the prior year period.
For the second quarter, the company expects revenue to be between RMB28.9 billion and RMB30.1 billion, representing a year-over-year growth rate of approximately 20% to 25%.
Biden tells Israel’s Netanyahu he expects 'significant de-escalation' of Gaza conflict Wednesday
Biden joked about running over a reporter who asked about Israel
‘Hannity’ host slams media for allowing the president to ‘always get a pass’
President Biden on Wednesday told Israeli Prime Minister Benjamin Netanyahu that he expects “a significant de-escalation” as part of the move to a potential cease-fire between Israel and Hamas.
Biden spoke to Netanyahu early Wednesday, and the White House said the two “had a detailed discussion of the state of events in Gaza, Israel’s progress in degrading the capabilities of Hamas and other terrorist elements, and ongoing diplomatic efforts by regional governments and the United States.”
“The President conveyed to the Prime Minister that he expected a significant de-escalation today on the path to a ceasefire,” the White House said.
Israel has been responding to rocket attacks from Hamas with measures of its own, including airstrikes of key Hamas targets.
While Biden has been supportive of Israel’s right to defend itself, he has also been facing pressure from the left-wing of the Democratic Party, which has criticized the Israeli response.
This is a breaking news story; check back for updates.
Stock Alert: GameStop Down 5%
Shares of video game retailer GameStop Corp. (GME) are trading 5 percent lower on Wednesday despite there being no company announcement or other news to influence the stock.
The company is expected to announce its first-quarter results on June 8. On average, 5 analysts polled by Thomson Reuters expect the company to report net loss of $0.71 per share in the quarter.
Six analysts expect the company to report revenues of $1.13 billion during the first quarter.
The stock is currently trading at $170.97, down $9.70 or 5 percent on the NYSE.
GME has traded between $3.77 and $483.00 during the last 52 weeks.
Tell us: are you an amateur investor affected by the crash of cryptocurrencies?
As a number of cryptos are rapidly losing value after China signalled a crackdown on Bitcoin, we’d like to hear from small investors who bought cryptos – and what they’ll do next
Last modified on Wed 19 May 2021 10.45 EDT
Amid a sudden crash of cryptocurrencies including Bitcoin, Ethereum, Dogecoin and Cardano, we’d like to hear from amateur investors on how they feel about this latest bout of extreme market volatility affecting alt coins.
Whether you have invested a lot or a little in cryptos, we’re keen to hear what you’ll do next, whether you’ll hold or sell, whether you’ve lost money and whether you have any concerns.
Share your experiences
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Wall Street tumbles, with tech leading the way. Bitcoin’s drop takes crypto stocks with it.
By Matt Phillips and Kevin Granville
Stock Alert: Progressive Down 5%
Shares of insurance company The Progressive Corp.(PGR) are down 5 percent on Wednesday’s trading as the company reported results for the month of April.
In April, the company posted net income of $316.2 million or $0.54 per share, down 67 percent from $952.6 million or $1.67 per share in the same period last year.
Net premiums earned, however, rose 14 percent to $4.13 billion from $3.63 billion last year. Net premiums written also climbed 18 percent to $4.45 billion from $3.76 billion last year.
The stock is currently trading at $99.89, down $6.09 or 5 percent on the NYSE.
PGR has traded between $72.71 and $107.59 in the past 52 weeks.
How 40 million cork wine stoppers are harvested a day
- Half of the world’s cork wine stoppers come from Portugal’s cork oak trees.
- These trees are protected under Portuguese law, so they can only be harvested every nine years.
- We visit the Alentejo forests to see how the cork bark is harvested so it doesn’t hurt the trees.
- Visit the Business section of Insider for more stories.
EDITOR’S NOTE: This video was originally published in February 2021.