(Yicai Global) Aug. 20 -- Vipshop Holdings’ stock price plunged, shaving USD3 billion from its market cap, after the Chinese online discount retailer published its earnings results and forward guidance and also announced the departure of its chief financial officer.

The shares [NYSE: VIPS] ended 19.5 percent lower in New York yesterday at USD19.26 each, after slumping as much as 24 percent.

Vipshop’s net profit climbed 89 percent to CNY1.5 billion (USD216.6 million) in the second-quarter from a year ago, the highest in the past 31 quarters, according to the earnings report the Guangzhou-based company released before the market opened. Revenue rose 6 percent to CNY24.1 billion (USD3.4 billion), after sliding in the first quarter.

For the current quarter, the company predicted a 5 percent to 10 percent increase in net revenue from a year earlier to as much as CNY21.6 billion.

As the Covid-19 outbreak in China eased in the second quarter, people shopped more apparel online while some international brands even relied on Chinese discount platforms for sales, the firm said. 

Vipshop also said Yang Donghao will step down in November for personal reasons. Yang, who was CFO from 2011, regularly shares his insights about the firm's business direction and focus via media outlets. He will stay on as a non-executive director.

Set up in 2008, the company listed in New York in 2012. A year later it launched Vip.com. In the three months ended June 30, the total number of orders on the platform was 170.5 million, up 15 percent, while the number of active users jumped 17 percent to 38.8 million.

Editor: Emmi Laine