PDD Holdings posts better-than-expected earnings – the stock is up
21 March 2024World’s 3rd largest e-commerce company PDD Holdings Inc. (NASDAQ: PDD) reported Q4 2023 before the US market opened on Wednesday.
The Chinese company achieved revenue of $12.519 billion in the last 3 months of 2023 vs. $11.202 billion expected. Revenue was up by 123% year-over-year.
Earnings per share was reported at $2.44 vs. estimate of $1.589 per share.
Company overview
- Founded: 2015
- Headquarters: Shanghai, China
- Number of employees: 12,992 (2022)
- Industry: Internet, Agriculture
- Key people: Lei Chen, Jiazhen Zhao
CEO commentary
“2023 represents a pivotal chapter in our corporate history as we transition towards high-quality development,” Lei Chen, Chairman and Co-CEO of PDD Holdings said in a press release to investors.
“In 2024, we remain dedicated to further improving consumer experiences, enhancing technology innovations, and generating positive impacts in our communities,” Chen looked ahead.
Jiazhen Zhao, Executive Director and Co-CEO of the company said this in his note to shareholders: “In the fourth quarter, we saw growing demand driven by encouraging consumer sentiment. We will continue our high-quality development strategy, stay dedicated to offer great value and exceptional service, and keep building thriving communities that can benefit all.”
Stock reaction
The stock was up by over 3% on Wednesday, trading at $131.80 a share.
Stock performance
- 5 day: +5.92%
- 1 month: -0.12%
- 3 months: -11.49%
- Year-to-date: -11.42%
- 1 year: +71.47%
PDD stock price targets
- Jefferies Financial Group: $157
- The Goldman Sachs Group: $136
- Benchmark: $215
- UBS Group: $137
- CLSA: $114
- HSBC: $126
- Barclays: $115
- Sandford C. Bernstein: $120
- JP Morgan Chase & Co.: $120
- Morgan Stanley: $120
- Bank of America: $112
- Citigroup: $125
- Nomura: $110
PDD Holdings Inc. is the 72nd largest company in the world with a market cap of $173.63 billion, according to CompaniesMarketCap.
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Sources: PDD Holdings Inc., TradingView, MarketWatch, MarketBeat, CompaniesMarketCap
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