Benzinga - by Avi Kapoor, Benzinga Staff Writer.
PDD Holdings Inc. (NASDAQ: PDD) reported better-than-expected fourth-quarter earnings.
PDD Holdings reported fourth-quarter fiscal 2023 revenue growth of 123% year-on-year to $12.52 billion (CNY88.88 billion), beating the consensus of $11.01 billion. The Chinese online retailer’s adjusted earnings per ADS of $2.40 (CNY17.32) increased from CNY8.34 Y/Y, beating the consensus of $1.60, according to data from Benzinga Pro.
Pinduoduo held $30.6 billion in cash and equivalents as of December 31, 2023, and generated $5.2 billion in operating cash flow.
Revenues from online marketing services and others rose 57% Y/Y to $6.86 billion.
“2023 represents a pivotal chapter in our corporate history as we transition towards high-quality development,” said Mr. Lei Chen, Chairman and Co-Chief Executive Officer of PDD Holdings. “In 2024, we remain dedicated to further improving consumer experiences, enhancing technology innovations, and generating positive impacts in our communities,” said Mr. Jiazhen Zhao, Executive Director and Co-Chief Executive Officer of PDD Holdings. “In the fourth quarter, we saw growing demand driven by encouraging consumer sentiment.”
PDD shares gained 3.5% to close at $132.17 on Wednesday.
These analysts made changes to their price targets on PDD Holdings following earnings announcement.
- Jefferies raised the price target on PDD Holdings from $157 to $161. Jefferies analyst Thomas Chong maintained a Buy rating.
- Barclays boosted the price target on PDD Holdings from $164 to $178. Barclays analyst Jiong Shao maintained an Overweight rating.
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Latest Ratings for PDD
| Jan 2022 | DBS Bank | Upgrades | Hold | Buy |
| Nov 2021 | Barclays | Initiates Coverage On | Equal-Weight | |
| Aug 2021 | B of A Securities | Maintains | Buy |
View the Latest Analyst Ratings
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