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PDD's (NASDAQ:PDD) stock rose about 8% premarket on Wednesday after first quarter results beat estimates.
Adjusted earnings per American depositary shares surged 199.4% year-over-year to RMB20.72 ($2.83), the company said.
The e-commerce giant's total revenues soared nearly 131% year-over-year to RMB86.81B (about $12.02B). Both top and bottom lines surpassed analysts' estimates.
"We will focus our efforts on improving the overall consumer experience, strengthening our supply chain capabilities, and fostering a healthy platform ecosystem," said Jiazhen Zhao, executive director and Co-CEO of PDD.
Revenue from online marketing services and others grew about 56% to RMB42.4B ($5.88B), while revenues from transaction services soared 327% year-over-year to RMB44.36B (about $6.14B).
PDD has not disclosed its popular shopping app Temu's revenue performance.
Non-GAAP net income attributable to ordinary shareholders rose 202% year-on-year to RMB30.61B ($4.23B).
Cash, cash equivalents and short-term investments were RMB242.1B ($33.5B) as of March 31, 2024, compared to RMB217.2B ($30.6B) as of Dec. 31, 2023.
Despite strong results from PDD, other Chinese stocks were in the red before the bell. Alibaba (BABA), JD.com (JD) and Baidu (BIDU) each slipped around 1%, while NetEase (NTES) fell 2%.