PDD, Alibaba's rival in China's e-commerce market, experiences exponential revenue growth, surpassing double the previous year's earnings.

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PDD Holdings Inc (NASDAQ:PDD) reported fiscal first-quarter 2024 revenue growth of 131% year-on-year to $12.02 billion (86.81 billion Chinese yuan), beating the analyst consensus estimate of $10.65 billion.

The Chinese online retailer’s adjusted earnings per ADS of $2.83 (CNY20.72) increased from CNY6.92 Y/Y, beating the analyst consensus estimate of $1.42. 

Revenues from online marketing services and others rose 56% Y/Y to $5.88 billion.Also ...

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Author / Journalist: Anusuya Lahiri

Category: Technology

Markets: United StatesChina

Topics: PDD Tech ONLN Top Stories Briefs BZ Data Project BABA Benzinga Why it's moving Earnings Stock Battles Stories That Matter News Movers

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-05-22 @ 13:47:40 (4 weeks ago)

News Timezone: GMT +8:00

News Source URL: benzinga.com

Language: English

Article Length: 235 words

Reading Time: 2 minutes read

Sentences: 12 lines

Sentence Length: 20 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Benzinga

News ID: 21058756

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