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Shares Of PDD Holdings Rise 14% On Blowout Earnings

Shares of PDD Holdings (PDD) are up 14% after the Chinese e-commerce company reported quarterly results that blew past Wall Street forecasts.

PDD, which competes against Amazon (AMZN) and Alibaba (BABA), announced third-quarter earnings per share (EPS) of 11.61 Chinese yuan ($1.64 U.S.). Revenue in Q3 totaled 68.8 billion yuan ($9.7 billion U.S.).

Both numbers were well above the consensus estimates among analysts who forecast earnings of 8.95 yuan a share on revenue of 55.2 billion yuan.

PDD Holdings owns discount online platforms Pinduoduo in China and Temu internationally. Its earnings were up 35% from a year ago, while its revenue grew 94% year-over-year.

The growth at PDD Holdings comes amid an economic slowdown in China. The company’s deeply discounted products are proving to be popular with consumers during a period of economic hardship and high inflation.

Prior to today, PDD Holdings’ stock had gained 39% this year and was trading at $117.72 U.S. per share on the Nasdaq exchange.

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