tl;dr
PDD (NASDAQ:PDD) stock rose about 14% in pre-market trading on Tuesday after third-quarter results beat estimates. Meanwhile, several Chinese stocks were trading in the red during pre-market. E-commerce giant Alibaba (BABA), online retailer JD.com (JD), online entertainment services provider Bilibil...
PDD (NASDAQ:PDD) stock rose about 14% in pre-market trading on Tuesday after third-quarter results beat estimates. Meanwhile, several Chinese stocks were trading in the red during pre-market. E-commerce giant Alibaba (BABA), online retailer JD.com (JD), online entertainment services provider Bilibili (BILI) were all down around 1%, internet search giant Baidu (BIDU) was also in the red.
PDD's non-GAAP earnings per American depositary shares, or ADS, grew about 34.7% year-over-year to RMB11.61 ($1.55). The Chinese e-commerce giant's total revenues soared nearly 94% year-over-year to RMB68.84B ($9.44B). Both top and bottom lines surpassed analysts estimates. Revenue from online marketing services grew about 39% from RMB39.69B (5.44B), while revenues from transaction services soared 315% year-over-year to RMB29.15B (about $4B).
"We continued to invest decisively in areas such as agritech, supply chain technology, and core R&D capabilities. Through these efforts, we aim to create our unique value," said Lei Chen, chairman and co-CEO, PDD. PDD's growth has exceeded Chinese peers including Alibaba (BABA) underlining how the company has used promotions to attract bargain-searching customers at a time of global economic uncertainty.
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This is not financial advice. Please do your own research before investing in any asset.