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PDD Holdings beats Q1 revenue estimates

PDD Holdings beat first-quarter revenue estimates, driven by its international site Temu and the popular Chinese platform Pinduoduo. Revenue surged 131% YoY to 86.81 billion RMB ($11.99 billion), surpassing the anticipated 75.66 billion RMB. Net income rose to 28 billion RMB ($4.06 billion), with EPS of 20.72 RMB ($3.01), well above forecasts. Despite a 194% increase in costs due to higher fulfillment and operational fees, PDD’s shares climbed 5.7% in pre-market trading. Competitors Alibaba and JD.com also reported strong revenue. Temu’s significant advertising spend and compliance issues in the EU were noted, but it remains committed to adhering to local regulations.

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