Cross border e-commerce platform operator LightInTheBox Holding Co Ltd (NYSE:LITB), which is best known for delivering items to consumers located in different parts of the world, saw its stock suffer from a selloff on Thursday.
Second Fiscal Quarter Earnings Recap
Back on September 7 the company had made an announcement with regards to its unaudited financial results for the second fiscal quarter that ended on June 30, 2021.
However, it seems that investors were not quite impressed with the numbers released by the numbers and he stock fell by as much as 7% yesterday. Jian He, who is the Chief Executive Officer of the company, stated that the company continued to perform strongly in the quarter.
The revenues for the quarter came in at $122.2 million in the quarter, which proved to be an improvement on the $113.9 million that it generated in the prior year period.
However, at the same time, He was quick to add that the e-commerce space continued to be highly competitive and more and more players are entering the space every day. On the other hand, the effects of the COVID 19 pandemic and the associated macroeconomic challenges continue to be a factor in the company’s business operations at this point.