Why PDD Holdings Shares Are Surging Today

May 26, 2023 8:18 AM | 1 min read |

PDD Holdings Inc PDD reported first-quarter FY23 revenue growth of 58% year-on-year to $5.48 billion, beating the consensus of $4.53 billion.
Revenues from online marketing services and others rose 50% Y/Y to $3.97 billion.
Revenues from transaction services jumped 86% Y/Y to $1.51 billion.
Pinduoduo posted a non-GAAP operating profit of $1.23 billion, up 130% Y/Y.
Non-GAAP earnings per ADS of $1.01 beat the consensus of $0.54.
Pinduoduo held $22.9 billion in cash and equivalents and generated $194.8 million in operating cash flow.
Lei Chen, Chairman, and Co-CEO, said, "We will channel more resources to R&D as it is the key catalyst in driving efficiency and uncovering opportunities."
Price Action: PDD shares traded higher by 13.76% at $68.28 in the premarket on the last check Friday.