PDD Posts Jump in 2Q Sales, Cites Consumer Strength
By Will Feuer
PDD Holdings, the parent company of e-commerce sites Temu and Pinduoduo, reported a jump in sales and profit for the second quarter as the company cited strong consumer demand.
PDD reported a profit of $1.81 billion, or $1.24 per American depositary share, compared with about $1.33 billion, or 93 cents per ADS, in the same period last year.
Adjusted earnings per ADS came to $1.44, topping analysts' expectations for adjusted earnings of $1.00 a share, according to FactSet.
Revenue surged 66% to $7.21 billion. Analysts surveyed by FactSet had expected sales of $5.95 billion.
"Over the recent quarter, we saw a positive shift in consumer sentiment, leading to a rise in demand across various product sectors," co-Chief Executive Jiazhen Zhao said.
Nasdaq-listed ADSs in PDD jumped 13% to $91.18 in premarket trading.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
August 29, 2023 07:22 ET (11:22 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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