Pinduoduo Rallies Over 14% on Massive Q2 Beat

Tiger Newspress2023-08-29

Pinduoduo (NASDAQ: PDD) shares rose over 14% in early Tuesday trade after the company delivered much better-than-expected results for its second quarter.

The company posted a Q2 EPS of 10.47 yuan per share, surpassing the average analyst estimate by 3.17 yuan. Additionally, the revenue for the quarter amounted to 52.28 billion yuan, easily exceeding the consensus estimate of 43.36B yuan.

PDD generated revenues of 37.93B yuan from online marketing services and other sources, which exceeded the estimated value of 32.07B yuan. Additionally, the revenue from transaction services amounted to 14.35B yuan, surpassing the consensus of 11.14B yuan.

“Technology serves as a pivotal driving force of sustainable, high-quality development,” said Mr. Lei Chen, Chairman and Co-Chief Executive Officer of PDD Holdings. “We remain unwaveringly committed to leveraging our resources and technology background to spearhead innovation, champion digital inclusion and generate a positive impact on society at large.”

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