RTTNews | May 19, 2021 10:27AM EDT

10:18 Wednesday, May 19, 2021 (RTTNews.com) - 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%.

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