RTTNews | Nov 18, 2021 10:23AM EST

10:23 Thursday, November 18, 2021 (RTTNews.com) - Shares of Chinese online discount retailer for brands, Vipshop Holdings Limited (VIPS) are falling more than 17% Thursday morning after the company reported third quarter earnings, lower than analysts' view.

Net income for the third quarter was RMB628.4 million or $97.5 million compared with RMB1.2 billion in the prior year period.

Net income per ADS for the third quarter decreased to RMB0.92 US$0.14 from RMB1.80 in the prior year period.

Excluding one-time items, earnings per ADS was $0.23, that missed the average estimate of seven analysts polled by Thomson Reuters at $0.25 per share.

Revenue for the quarter increased 7.5% year over year to RMB24.9 billion or $3.9 billion. The consensus estimate was for $3.89 billion.

Looking forward to the fourth quarter, the company expects its total net revenue to be between RMB35.8 billion and RMB37.6 billion, representing a year-over-year growth rate of approximately 0% to 5%. Analysts see revenue growth of 8.8% for the quarter.

VIPS touched a new low of $10.03 this morning.

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