Temu parent PDD Holdings gains on better-than-expected Q1 report
Published: 11:21 22 May 2024 EDT
PDD Holdings, the parent company of discounted online shopping platforms Temu and Pinduoduo Inc (NASDAQ:PDD), posted better-than-expected financial results for the first quarter.
Revenue for the first quarter was RMB86.81 billion (US$12 billion), up 131% from RMB37.64 billion in the year-ago quarter and above estimates of RMB75.66 billion.
Net profit increased 246% year-over-year to RMB28 billion (US$3.88 billion) from RMB8.1 billion.
Earnings per American Depository Share (ADS) were RMB$20.33 (US$2.82), ahead of estimates of US$1.60.
“We are committed to offering a trustworthy shopping environment for our users around the world,” PDD Holdings co-CEO Lei Chen said in a statement accompanying the company's results.
“We will keep focusing on growing our long-term intrinsic value through investing in initiatives that bring sustainable impacts to our communities.”
US-listed shares of PDD Holdings traded higher post-earnings, up 1.5% at about US$148 late morning on Wednesday.
