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PDD Holdings shares skyrocket as earnings top estimates

29 November 2023 By Klavs Valters

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PDD Holdings Inc. (NASDAQ: PDD) reported Q3 financial results before the market open in the US on Tuesday. The Chinese company beat both revenue and earnings per share (EPS) estimates, sending the stock higher.

Company overview

  • Founded: 2015
  • Headquarters: Shanghai, China
  • Number of employees: 12,992 (2022)
  • Industry: Internet, Agriculture
  • Key people: Lei Chen

The results

PDD reported revenue of $7.207 billion for the quarter (up by 94% year-over-year), well above the $5.982 billion expected.

EPS reported at $1.28 per share vs. $1.007 per share estimate.

CEO commentary

“We are dedicated to generating value through innovations, which forms the foundation of our high-quality development,” Lei Chen, CEO of PDD Holdings said in the Q3 earnings report press release.

“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” Chen highlighted where the company is looking to improve moving forward.

Stock reaction

The latest results had a huge impact on the stock. Shares were up by over 18% on Tuesday at $139.84 a share – the highest level since March 2021.

Stock performance

  • 1 month: +37.67%
  • 3 months: +49.78%
  • Year-to-date: +71.21%
  • 1 year: +78.02%

PDD stock price targets

  • HSBC: $125
  • Bank of America: $112
  • Credit Suisse: $140
  • Barclays: $115
  • JP Morgan: $120

PDD Holdings is the 58 th largest company in the world with a market cap of $185.31 billion.

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Sources: PDD Holdings Inc., TradingView, MarketWatch, TipRanks, CompaniesMarketCap, Macrotrends

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Disclaimer: Articles are from GO Markets analysts and contributors and are based on their independent analysis or personal experiences. Views, opinions or trading styles expressed are their own, and should not be taken as either representative of or shared by GO Markets. Advice, if any, is of a ‘general’ nature and not based on your personal objectives, financial situation or needs. Consider how appropriate the advice, if any, is to your objectives, financial situation and needs, before acting on the advice. If the advice relates to acquiring a particular financial product, you should obtain and consider the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for that product before making any decisions.