PDD Holdings Shares Rise On Upbeat Q1 Results

(RTTNews) - Shares of Chinese online retailer PDD Holdings Inc. (PDD) are rising more than 13% Friday morning after the company reported improved first-quarter results above analysts' view.

Net profit increased 212% to RMB8.101 billion or $1.179 billion for the first quarter, 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.

PDD, currently at $68.20, has traded in the range of $38.80 - $106.38 in the last 1 year.