Reported 5 months ago
Chinese online retailer PDD Holdings Inc reported a 131% year-on-year revenue growth to $12.02 billion in the fiscal first quarter of 2024, surpassing analyst estimates. Their adjusted earnings per ADS also increased, beating consensus estimates. Revenues from online marketing services and other sources rose by 56%, while transaction services saw a 327% increase in revenues. The company's adjusted operating profit surged by 237%, and they held $33.5 billion in cash and equivalents as of March 31, 2024. PDD's stock has gained 131% in the last 12 months, and investors can access it through ETFs like ProShares Online Retail ETF and Invesco China Technology ETF.
Source: YAHOO