Baozun Inc (ADR) (NASDAQ:BZUN) shares were skyrocketing Tuesday as the company reported strong quarterly earnings results and updated its fiscal 2018 guidance.

The e-commerce giant from China unveiled income from operations of $27 million, marking a 179.1% increase compared to the year-ago quarter. Non-GAAP income from operations reached $29.2 million, which was a 163.6% gain compared to the same quarter a year ago.

Baozun’s adjusted earnings were higher than the year-ago quarter at 42 cents per share, topping analysts’ expectations of adjusted earnings of 31 cents per share. Revenue amounted to $240.6 million, while total revenue surged 23% to $637.7 million, compared to Wall Street’s consensus estimate of $245.22 million.

“We delivered another strong quarter of growth with GMV (gross merchandise volume) increasing by 75.5% year-over-year,” said Beck Chen, finance chief at Baozun. Services revenue grew by 56% compared to the year-ago quarter, while net income attributable to the company’s ordinary shareholders soared by 139% compared to the year-ago quarter.

The period was aided by the e-commerce company’s initiatives to improve its business model and boost operational efficiency. The company also raised its guidance for the first quarter and full year as it sees its services revenue surging 50% in 2018.

“We remain confident in our strategy and the effectiveness of our operations and services, and expect GMV to grow to over RMB30 billion and total net revenues to increase to over RMB5.1 billion during fiscal year 2018,” added the Baozun finance chief.

BZUN shares soared about 21.8% by early Tuesday afternoon.