Full Truck Alliance Rallies As Q3 Results Improve

(RTTNews) - Shares of digital freight platform, Full Truck Alliance Co. Ltd. (YMM) are rising more than 14% Wednesday morning after reporting improved third-quarter results.

The company reported net income of RMB395.5 million or $55.6 million, compared with net loss of RMB178.3 million last year, helped particularly by increase in freight matching services revenue..

Earnings per ADS were RMB0.37 or $0.05, compared with RMB0.17 in the previous year.

Excluding one-time items, earnings were $69.3 million or $0.07 per share.

Total net revenues in the third quarter were RMB1.809 billion or $254.2 million, an increase of 45.7% from RMB1.242 billion in the same period a year ago.

Looking forward to the fourth quarter, the company expects net revenues to be between RMB1.79 billion and RMB1.88 billion, a year-over-year growth of about 25.2% to 31.5%. YMM, currently at $7.04, has traded in the range of $4.12-$13.28 in the last 1 year.