Full Truck Alliance Co Ltd YMM reported second-quarter revenue of 2.764 billion Chinese yuan, or $380.379 million, up 34.1% year-on-year, beating forecasts of $373.282 million.

Freight brokerage revenues increased 34.4% year-on-year, driven by a significant increase in transaction services and continued growth in freight brokerage services.

General and administrative expenses increased to RMB 219.2 million from RMB 201.7 million in the previous year, due to higher expenses for share-based compensation.

Adjusted operating profit increased 55.1% year-on-year to RMB699 million. Adjusted net profit per ADS was RMB0.91 or $0.13, in line with consensus forecast.

Operating cash flow for the quarter was RMB573.7 million, or US$78.9 million. As of the end of June, the company had cash and cash equivalents, tied cash, short-term investments, long-term time deposits and wealth management products valued at RMB26.8 billion, or US$3.7 billion.

“We have improved the infrastructure of our truck freight matching system, achieving continuous improvement in order structure and a steady increase in order fulfillment rate. Looking ahead to the second half of the year, we are confident of making progress in various business areas and maintaining growth in both scale and profit,” commented Peter Hui Zhang, Founder, Chairman and CEO.

The number of orders fulfilled during the quarter was 49.1 million (+22% year-on-year). The average number of MAUs per shipper during the quarter was 2.65 million (+32.8% year-on-year).

“More importantly, we are increasing the value of our platform’s ecosystem and our transaction service is rapidly reaching its monetization potential. Revenue from this model increased by more than 60% year-on-year this quarter. Looking ahead, we see significant potential for user scaling and monetization growth,” commented Simon Cai, Chief Financial Officer of FTA.

Outlook for the third quarter: Full Truck Alliance expects total net sales to reach RMB 2.76 billion to RMB 2.82 billion, representing an annual growth rate of 21.9% to 24.6%.

Price promotion: YMM shares were trading 1.83% lower at $7.245 at last check on Wednesday.