Vipshop Holdings Ltd. (NYSE:VIPS) reported second-quarter adjusted earnings of 12 cents per American depositary share, below the 51-cent analyst estimate, as revenue fell 4.3% year over year to $3.641 billion but exceeded the $3.620 billion forecast. Gross merchandise value declined to 50.6 billion yuan from 51.4 billion yuan, active customers fell to 42.3 million from 43.5 million, and total orders dropped to 182.4 million from 193 million. Gross margin narrowed to 23.3% from 23.5%, while adjusted operating income fell to 2 billion yuan and the adjusted operating margin contracted to 8.1% from 9.3%. Reported net income rose 189% to $634.7 million, mainly because of a one-time 5.79 billion yuan investment gain linked to the listing of a commercial real estate investment trust. Adjusted net income fell to $57.8 million from about $306 million, partly because of a one-time withholding tax adjustment related to historical dividend distributions. Vipshop forecast third-quarter revenue of $2.992 billion to $3.154 billion, below the $3.180 billion analyst estimate and implying a year-over-year decline of up to 5%.