RTTNews | Aug 19, 2020 10:14AM EDT

10:14 Wednesday, August 19, 2020 (RTTNews.com) - Shares of Vipshop Holdings Ltd (VIPS) are sliding on Wednesday morning trade as the online discount retailer reported earnings that fell short of the Street estimates.

The stock is currently at $18.41, down 23.11 percent from yesterday's close of $23.91.

The company announced an 88.9 percent increase in its second-quarter net profit of RMB 1.5 billion or $217 million from RMB 813.5 million a year ago. On a per-share basis, earnings increased to RMB 2.2 or $0.32 from RMB 1.21 in the prior year.

On an adjusted basis, earnings were RMB 1.3 million or $186.9 million or $0.27 per share. Wall Street analysts were looking for earnings of $0.28 per share. Street estimates usually exclude special items.

Total revenue for the quarter climbed to RMB24.1 billion or $3.4 billion from RMB22.7 billion a year ago. Analysts were looking for revenue of $3.42 billion.

Looking ahead to the third quarter, the Company expects total net revenue to be between RMB20.6 billion and RMB21.6 billion, representing a year-over-year growth rate of approximately 5 to 10 percent.

Read the original article on RTTNews ( https://www.rttnews.com/3122533/stock-alert-vipshop-holdings-down-23-as-q2-earnings-miss-estimates.aspx)

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