FMP
PDD Holdings Beats Q1 Earnings, Shares Surge 6%
May 22, 2024 12:48 PM - Davit Kirakosyan
Image credit: FMP
PDD Holdings (NASDAQ:PDD) shares surged more than 6% in pre-market today after the company reported fiscal Q1 earnings and revenue that exceeded analyst expectations.
The Chinese online retailer announced quarterly earnings per share (EPS) of RMB20.72, well above the Street estimate of RMB10.35. The quarter's revenue was RMB86.81 billion, surpassing the consensus projection of RMB75.17 billion.
Revenue from online marketing services and others reached RMB42.46 billion, exceeding the expected RMB37.65 billion. Transaction services revenue amounted to RMB44.36 billion, higher than the estimated RMB38.07 billion.
Chairman and co-CEO Lei Chen emphasized the company's dedication to providing a reliable shopping experience for global users and its focus on long-term growth through investments that benefit communities sustainably.
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