U.S.-listed PDD stock jumped in early Wednesday trading after Temu parent company PDD Holdings (PDD) reported fourth-quarter earnings that easily topped expectations.
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For the three months ending Dec. 31, PDD Holdings PDD said it earned an an adjusted 15.83 Chinese yuan ($2.23) per share on sales of 88.8 billion yuan ($12.52 billion). On average, analysts were expecting PDD to post earnings of $1.57 per share and sales of $11.05 billion, according to FactSet.
On the stock market today, PDD stock is up 12.5% at 143.64 in premarket trading.
PDD Holdings includes the China-focused e-commerce platform Pinduoduo and international discount retail platform Temu. U.S.-listed PDD shares surged nearly 80% in 2023 but are off 12% since the start of the year.
Further, MarketSurge shows PDD stock has formed a double-bottom base with a buy point of 139.06.
More earnings coverage to come.
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