PDD Holdings Jumps In Pre-market On Upbeat Q4 Results Above View

(RTTNews) - PDD Holdings Inc. (PDD) Wednesday reported nearly 150 percent jump in its fourth-quarter profit driven by more than 100 percent growth in revenue. Profit as well as revenue beat the Street expectations. PDD shares were up more than 12 percent in pre-market.

The Chinese e-commerce giant posted a profit of RMB 23.280 billion or $3.279 billion for the fourth quarter, an increase of 146 percent from RMB 9.454 billion in the same quarter a year ago.

Earnings per ADS increased to RMB 15.83 or $2.23 from RMB 6.52 last year.

Excluding one-time items, adjusted earnings were RMB 25.477 billion or $3.588 billion, and adjusted earnings per ADS were RMB 17.32 or $2.40. On average, 12 analysts polled by Thomson-Reuters were expecting earnings of $1.61 per share. Analysts' estimates typically exclude special items.

Revenues for the quarter increased 123 percent to RMB 88.881 billion or $12.519 billion from RMB 39.820 billion last year. The consensus estimate was for $11.14 billion.

Revenues from online marketing services and others increased 57 percent to $6.856 billion, while revenues from transaction services jumped 357 percent to $5.663 billion.

PDD shares had closed at $127.68, down 0.80 percent on Tuesday. The stock has been trading in the range of $59.67 - $152.99 in the last 1 year.