PDD Holdings Q1 Results Surge; Stock Up In Pre-market

(RTTNews) - PDD Holdings Inc. (PDD), a commerce group, reported Wednesday that its first-quarter net income attributable to ordinary shareholders surged 246 percent to RMB28 billion or $3.88 billion from last year's RMB8.10 billion.

Earnings per ADS was RMB18.96 or $2.63, compared to RMB5.55 in the same quarter of 2023.

Adjusted net income was RMB30.60 billion or $4.24 billion, an increase of 202 percent from RMB10.13 billion a year earlier. Adjusted earnings per ADS was RMB20.72 or $2.83, compared to RMB6.92 a year ago.

Analysts on average expected the company to report earnings of $1.42 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Operating profit was RMB25.97 billion or $3.60 billion, an increase of 275 percent from last year. Adjusted operating profit grew 237 percent to RMB28.55 billion or $3.95 billion.

Total revenues in the quarter were RMB86.81 billion or $112.02 billion, an increase of 131 percent from RMB37.64 billion last year. The increase was primarily due to an increase in revenues from online marketing services and transaction services.

In pre-market activity on the Nasdaq, PDD shares were gaining around 8.2 percent to trade at $157.31.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.