Richard Liu, CEO of, raises his arms to celebrate the IPO of his company in New York.

China’s reported record-breaking net revenue and profit in the second quarter ended June 30 on Tuesday, beating Wall Street estimates.

The Google-backed company’s total net revenue jumped 22.9 percent year-over-year, to 150.3 billion renminbi, or $21.27 billion. The analyst consensus was expecting revenue of 147.49 billion renminbi, according to IBES data from Refinitiv.

Its net service revenues were 16.8 billion renminbi, or $2.4 billion, an increase of 42 percent from the second quarter of 2018.

Income from operations was 2.26 billion renminbi, or $330.2 million, compared with a loss from operations of 1.03 billion renminbi for the same period last year.

Non-GAAP income from operations for the second quarter of 2019 was 3.21 billion renminbi, or $468.7 million.

In the second quarter, continued to court premium brands to join the platform as Toplife has been merged with Farfetch China. Notably, Prada Group opened first-party flagship stores for Prada, Miu Miu and Car Shoe on June 18, coinciding with’s yearly shopping festival, which also set a new record. The 618 festival is the company’s marquee event akin to Alibaba’s Singles Day festivities. shares saw solid demand in trading following the news, closing up 12.9 percent to $30.66.

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