Why Is Chinese Online Retailer PDD Holdings' Stock Shooting Higher Today?

Benzinga2023-11-28

PDD Holdings Inc (NASDAQ:PDD) reported third-quarter FY23 revenue growth of 94% year-on-year to $9.44 billion, beating the consensus of $7.69 billion.

The Chinese online retailer's adjusted earnings per ADS of RMB11.61 ($1.55), compared with RMB8.62 Y/Y, beating the consensus of $1.23.

Revenues from online marketing services and others rose 39% Y/Y to $5.44 billion.

Revenues from transaction services jumped 315% Y/Y to $4 billion.

The Alibaba Group Holding Limited (NYSE:BABA) rival posted an adjusted operating profit of $2.48 billion, up 47% Y/Y.

Pinduoduo held $27.8 billion in cash and equivalents and generated $4.46 billion in operating cash flow.

Lei Chen, Chairman and Co-CEO, said, "We continued to invest decisively in areas such as agritech, supply chain technology, and core R&D capabilities."

The stock has gained 39.3% YTD.

Price Action: PDD shares traded higher by 14.68% at $135.00 in the premarket on the last check Tuesday.

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