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Vipshop (NYSE: VIPS) 4Q18 Results: Active Customers Increase Thanks to WeChat Mini Programs, but Revenue Growth Slows

Executive Summary

  • Vipshop reported 4Q18 revenue of ¥26.1 billion, up 8.1% year over year while full year 2018 revenue was ¥84.5 billion, up 15.9% year over year. 4Q18 revenue missed the consensus estimate of ¥26.7 billion.
  • The number of active customers increased 13% year over year to 32.4 million, partly driven by WeChat mini programs.
  • The company estimated total revenue at ¥19.9–20.9 billion for the first quarter of 2019.

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