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PDD Holdings Inc. (NASDAQ:PDD) reported better-than-expected fourth-quarter earnings.
PDD Holdings reported fourth-quarter fiscal 2023 revenue growth of 123% year-on-year to $12.52 billion (CNY88.88 billion), beating the consensus of $11.01 billion. The Chinese online retailer’s adjusted earnings per ADS of $2.40 (CNY17.32) increased from CNY8.34 Y/Y, beating the consensus of $1.60, according to data from Benzinga Pro.
Pinduoduo held $30.6 billion in cash and equivalents as of December 31, 2023, and generated $5.2 billion in operating cash flow.
Revenues from online marketing services and others rose 57% Y/Y to $6.86 billion.
“2023 represents a pivotal chapter in our corporate history as we transition towards high-quality development,” said Mr. Lei Chen, Chairman and Co-Chief Executive Officer of PDD Holdings. “In 2024, we remain dedicated to further improving consumer experiences, enhancing technology innovations, and generating positive impacts in our communities,” said Mr. Jiazhen Zhao, Executive Director and Co-Chief Executive Officer of PDD Holdings. “In the fourth quarter, we saw growing demand driven by encouraging consumer sentiment.”
PDD shares gained 3.5% to close at $132.17 on Wednesday.
These analysts made changes to their price targets on PDD Holdings following earnings announcement.
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Posted In: PDD
