PDD Holdings Q1 Earnings Beat Estimates; Revenue Jumps

(RTTNews) - Chinese online retailer PDD Holdings Inc. (PDD) Friday reported a profit of RMB8.101 billion or $1.179 billion for the first quarter, an increase of 212% from RMB2.599 billion in the comparable period last year, driven by growth in revenue.

Earnings per ADS was RMB5.55 or $0.81, higher than RMB1.84 in the previous year.

Excluding one-time items, earnings were RMB6.92 per share or $1.01 per share, that beat the average estimate of analysts polled by Thomson-Reuters of $0.54 per share. Analysts' estimates typically exclude special items.

Revenue in the quarter was RMB37.637 billion or $15.480 billion, 58% up from RMB23.794 billion last year, primarily due to increase in revenues from online marketing services and transaction services. The consensus estimate was for $4.53 billion.

Revenues from online marketing services and others increased 50% to RMB27.244 billion or $3.967 billion and transaction services revenue rose 86% to RMB10.393 billion or $1.513 billion.

PDD shares are up more than 13% in pre-market. On Thursday, it had closed at $60.02, down $0.92 or 1.51%.