Shares of Chinese eCommerce major PDD Holdings (NASDAQ:PDD) are soaring higher at the time of publishing today after investors were impressed with the company’s first-quarter numbers.
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Revenue surged 58% year-over-year to $5.48 billion, outperforming estimates by $920 million. Earning per American depository Share (EPADS) at $1.01 too scaled past expectations by $0.38. The growth in the topline came on the back of gains from online marketing services and transaction services.
Impressively, the company clocked a 212% year-over-year growth in net income during the quarter and has announced a ’10 Billion Ecosystem Initiative’ to foster growth and an environment where merchants can flourish.
Overall, the Street has a $100.20 consensus price target on PDD alongside a Strong Buy consensus rating.
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