Why PDD Holdings Stock Zoomed 22% Higher This Week
A solid, estimates-trouncing quarter and several positive analyst notes made PDD Holdings (NASDAQ: PDD) a winner this week. Over the five trading days, the Chinese e-commerce company's American depositary shares (ADSs) surged 22% higher in price, according to data compiled by S&P Global Market Intelligence.
PDD got the ball rolling on Tuesday before market open with the publication of those quarterly figures. For its third quarter, the e-commerce company managed to nearly double its revenue on a year-over-year basis; this landed at over $9.4 billion and pushed its non-GAAP (adjusted) net income 37% higher to more than $2.3 billion. Both figures were well higher than the average analyst estimates.
PDD attributed much of its improvement to the performance of Temu, the e-commerce platform that has found an audience in the vast and relatively wealthy U.S. market. The site has resonated strongly with American consumers, who are always hungry for the bargain prices Temu offers.
Source Fool.com
