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Chinese e-commerce company PDD Holdings said its second-quarter net profit reached 13.1 billion yuan, surging 47% from a year earlier, well above market expected 8.6 billion yuan.
Revenue reached 52.28 billion yuan, surging 66% from 31.44 billion yuan a year earlier, compared to expected 43.28 billion yuan.
Excluding nonrecurring items, adjusted earnings per ADS was 10.47 yuan, higher than expected 7.13 yuan. Non-GAAP net profit reached 15.27 billion yuan, surging 42% from a year earlier.
“Over the recent quarter, we saw a positive shift in consumer sentiment, leading to a rise in demand across various product sectors,” said Co-Chief Executive Jiazhen Zhao.
The US-listed shares of PDD powered up 12.7% toward a five-month high in premarket trading Tuesday, after the earnings results.
The stock has rallied 13.1% over the past three months through Monday, while the iShares MSCI China ETF has slipped 0.1% and the S&P 500 has gained 5.4%.