Chinese online retailer PDD Holdings (NASDAQ: PDD) surged in pre-market trading on Tuesday after the company’s adjusted diluted earnings rose in the second quarter to RMB10.47 ($1.44) per American Depository Share (ADS) as compared to RMB7.54 in the same period last year. The company’s Q2 earnings exceeded analysts’ estimates of adjusted diluted earnings of $1 per ADS.
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PDD’s total revenues jumped by 66% year-over-year to RMB52,280.7 million ($7.21 billion), surpassing Street estimates of $5.95 billion.
Jiazhen Zhao, Executive Director and Co-CEO of PDD Holdings commented, “Over the recent quarter, we saw a positive shift in consumer sentiment, leading to a rise in demand across various product sectors.”
Analysts remain bullish about PDD stock with a Strong Buy consensus rating based on nine Buys and two Holds.
