Why Full Truck Alliance Was Soaring Today
Shares of digital freight platform Full Truck Alliance (NYSE: YMM) surged today, up 13.6% as of 12:30 p.m. ET. Not only did FTA report better-than-feared earnings during what was a difficult quarter for the Chinese economy, but generally more optimistic news on China today was also helping U.S.-listed Chinese stocks across the board. In the second quarter, which encompassed the severe Shanghai lockdowns of March through May, Full Truck managed to grow revenue 49.3% to $249.3 million, with adjusted (non-GAAP) earnings per ADS of $0.04.