12:15 PM EDT, 08/20/2024 (MT Newswires) -- (Updates with the latest stock movement in the headline and first paragraph.)

Vipshop Holdings' ( VIPS ) shares were down more than 16% on NYSE in recent trading Tuesday after reporting lower year-over-year results.

The company reported Q2 non-GAAP earnings of 3.91 Chinese renminbi ($0.55) per diluted American depositary share, down from 4.30 renminbi a year earlier.

Analysts polled by Capital IQ expected 3.86 renminbi.

Revenue for the quarter ended June 30 was 26.9 billion renminbi compared with 27.9 billion renminbi a year earlier.

Analysts polled by Capital IQ expected 26.6 billion renminbi.

The company said it expects Q3 revenue of 20.5 billion renminbi to 21.6 billion renminbi. Analysts polled by Capital IQ expect 22.57 billion renminbi.

Vipshop ( VIPS ) also said its board approved a new repurchase program for up to $1 billion of its ADSs or class A common shares over a 24-month period starting from the completion of the buyback program that was launched in March 2023. The company said this program had a remaining $330.3 million balance as of June 30.

Price: 11.72, Change: -2.30, Percent Change: -16.41