PDD Holdings stock climbed 3.5% in trading in New York Wednesday after the Chinese e-commerce giant reported better-than-expected earnings in the fourth quarter amid overseas expansion, reports Nikkei Asia. PDD, owner of the Temu bargain-hunting app, reported revenue of RMB 88.88 billion ($12.5 billion) for the October-December quarter—up 123% from a year earlier. Analysts had forecast RMB 79.2 billion, according to LSEG Data & Analytics, formerly Refinitiv.
“2023 represents a pivotal chapter in our corporate history as we transition towards high-quality development,” Chairman and co-CEO Chen Lei said in a news release. “In 2024, we remain dedicated to further improving consumer experiences, enhancing technology innovations, and generating positive impacts in our communities.”
PDD’s full-year revenue increased 90% to RMB 247.64 billion. Online marketing services and others contributed RMB 153.54 billion, while transaction services contributed RMB 94.1 billion.