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Alibaba Rival PDD's Explosive Growth Continues, Revenue More Than Doubles

Alibaba Rival PDD's Explosive Growth Continues, Revenue More Than Doubles
Alibaba Rival PDD's Explosive Growth Continues, Revenue More Than Doubles

PDD Holdings Inc (NASDAQ:PDD) reported fiscal first-quarter 2024 revenue growth of 131% year-on-year to $12.02 billion (86.81 billion Chinese yuan), beating the analyst consensus estimate of $10.65 billion.

The Chinese online retailer’s adjusted earnings per ADS of $2.83 (CNY20.72) increased from CNY6.92 Y/Y, beating the analyst consensus estimate of $1.42.

Revenues from online marketing services and others rose 56% Y/Y to $5.88 billion.

Also Read: Why Are Chinese Stocks Including Baidu, JD And Others Trading Lower Tuesday?

Revenues from transaction services jumped 327% Y/Y to $6.14 billion.

The Alibaba Group Holding Limited (NYSE:BABA) rival posted an adjusted operating profit of $3.95 billion, up 237% Y/Y.

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Pinduoduo held $33.5 billion in cash and equivalents as of March 31, 2024, and generated $2.92 billion in operating cash flow.

Mr. Jiazhen Zhao, Executive Director and Co-CEO of PDD Holdings said, “We will focus our efforts on improving the overall consumer experience, strengthening our supply chain capabilities, and fostering a healthy platform ecosystem.”

The stock gained 131% in the last 12 months. Investors can gain exposure to the stock via ProShares Online Retail ETF (NYSE:ONLN) and Invesco China Technology ETF (NYSE: CQQQ).

Price Action: PDD shares traded higher by 5.14% at $152.92 at the last check on Wednesday.

Photo via Shutterstock

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This article Alibaba Rival PDD's Explosive Growth Continues, Revenue More Than Doubles originally appeared on Benzinga.com

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