PDD Holdings Reports Strong Q1 Earnings, Beating Estimates with EPS and Revenue Up; Stock Rises 9%

May 22, 2024, 11:02 AM

PDD Holdings reported strong first-quarter earnings, significantly surpassing analyst expectations. The company, which operates the international shopping site Temu, reported an adjusted EPS of ¥20.72, nearly double the forecast of ¥10.35, and revenue of ¥86.81 billion, exceeding the estimated ¥75.17 billion. This represents a year-over-year increase of 199% in EPS and 131% in revenue. PDD Holdings also reported online marketing services revenue of ¥42.46 billion and transaction services revenue of ¥44.36 billion, both beating estimates. The company's net income reached $4.2 billion, up 246%, with a diluted EPS of $2.83, nearly double the analysts' expectations. Pinduoduo's revenue was reported at $12.02 billion. Following the earnings report, PDD Holdings' stock rose about 9% in pre-market trading. The company's market cap stands at 202B.