PDD Holdings Inc. (NASDAQ: PDD) reported better-than-expected fourth-quarter earnings.
PDD Holdings reported fourth-quarter fiscal 2023 revenue growth of 123% year-on-year to $12.52 billion (CNY88.88 billion), beating the consensus of $11.01 billion. The Chinese online retailer’s adjusted earnings per ADS of $2.40 (CNY17.32) increased from CNY8.34 Y/Y, beating the consensus of $1.60, according to data from Benzinga Pro.
Pinduoduo held $30.6 billion in cash and equivalents as of December 31, 2023, and generated $5.2 billion in operating cash flow.
Revenues from online marketing services and others rose 57% Y/Y to $6.86 billion.
“2023 represents a pivotal ...