Vipshop down AH on weak Q3 guidance

Vipshop's (VIPS) Q3 revenue guidance of $365M-$370M is below expectations of $376M. Shares are down 10.8% AH.

In Q2, VIPS beat consensus and its own guidance for the 4th straight quarter.

Gross profit outpaced revenue growth (+160% Y/Y), rising 179.6% to $82.6M.

Opex grew 118.6% to $77.3M. Fulfillment expenses were up 108.4% to $42.8M, marketing up 128.9% to $15.1M, technology/content up 225.9% to $8.7M, and G&A up 92.9% to $10.8M.

Vipshop reports active customers in Q2 increased 138.7% Y/Y to 3.5M. Total order growth was similar, up 136.3% to 11M.

The strong order and active customer numbers arrive a day after Macquarie's Internet Traffic Tracker report indicated June traffic to Vipshop's site was down 20% M/M (the report sent the stock tumbling 6.8% yesterday).

Q2 results, PR

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