PDD third-quarter revenue tops estimates, sending shares higher premarket

November 28, 2023 10:06 PM AEDT | By Investing

Google News:

PDD third-quarter revenue tops estimates, sending shares higher premarket

Recent News

iQIYI Partners with Telkomsel to Enhance Indonesian User Experience an...

BLOG CHICKS LIFESTYLE MAGAZINE COMMENCE FEATURES ON HOME RENOVATION TR...

Skywork-Reward-V2: Leading the New Milestone for Open-Source Reward Mo...

13th World Peace Forum held in Beijing, calls for shared responsibilit...

Investing.com -- PDD Holdings (NASDAQ:PDD) shares surged in premarket U.S. trading on Tuesday after the group formerly known as Pinduoduo posted better than anticipated sales in the third quarter.

Revenue at the company came in at 68.84 billion yuan ($9.44B) in the three months ended Sept. 30, topping Bloomberg consensus estimates of 54.87 billion yuan. Adjusted earnings per American depositary receipts of 11.61 yuan ($1.55) also beat projections of 8.81 yuan.

"Throughout the past third quarter, consumption vitality kept improving. We continued to provide consumers with more savings and better service through increased investments,” said PDD Co-Chief Executive Officer Jiazhen Zhao in a statement.

The results come as PDD's Temu e-commerce app, which offers heavily discounted items that are shipped to customers directly from China, has seen a surge in popularity since it was launched in 2022. According to analysts cited by Reuters, it is expected to generate over $16B in revenue this year despite heavy competition from Chinese low-price fast-fashion retailer Shein.

This article first appeared in Investing.com

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.