Full Truck Alliance Co Ltd (YMM) delivered strong second-quarter results, exceeding analysts’ expectations and highlighting its continued momentum in the freight logistics market. The company reported a 34.1% year-over-year increase in revenue, reaching 2.764 billion Chinese yuan ($380.379 million), surpassing the consensus estimate of $373.282 million.
This robust performance was fueled by a significant increase in transaction services and continued expansion in freight brokerage within the company’s freight matching services. This segment saw a 34.4% year-over-year revenue growth.
Full Truck Alliance also demonstrated strong operational efficiency. Adjusted operating income surged by 55.1% year-over-year, reaching RMB699 million. This growth underscores the company’s ability to effectively manage expenses and generate profits.
The company’s financial position remains solid. As of June-end, Full Truck Alliance held RMB26.8 billion ($3.7 billion) in cash and cash equivalents, restricted cash, short-term investments, long-term time deposits, and wealth management products.
The company’s leadership expressed confidence in the future. Peter Hui Zhang, Founder, Chairman, and Chief Executive Officer, commented, “We enhanced the infrastructure serving our truck-cargo matching system, driving continuous order structure improvement and a steady increase in fulfillment rate. As we move into the second half of the year, we are confident of achieving progress in various businesses and maintaining growth in both scale and profits.”
Full Truck Alliance’s platform continues to attract users. Fulfilled orders in the second quarter reached 49.1 million, representing a 22% year-over-year increase. Average shipper MAUs for the quarter were 2.65 million, a 32.8% year-over-year jump.
Simon Cai, Chief Financial Officer of FTA, highlighted the monetization potential of the company’s transaction services: “More importantly, as we enhance the value of our platform’s ecosystem, our transaction service is rapidly realizing its monetization potential, with revenues under this model growing more than 60% year over year this quarter. Looking ahead, we see significant potential for user scale and monetization growth.”
Looking ahead, Full Truck Alliance projects strong continued growth. The company expects its total net revenues to be RMB2.76 billion and RMB2.82 billion for the third quarter, representing a year-over-year growth rate of 21.9% to 24.6%.
Despite the positive outlook, YMM shares were trading lower by 1.83% at $7.245 at the last check on Wednesday.
