Temu parent PDD beats big on earnings - but doesn't take a victory lap
PDD says it's focused on the long term as its stock rises in the wake of a massive beat. Temu-parent PDD Holdings Inc. saw its first-quarter revenue more than double and come in far ahead of the consensus view.PDD on Wednesday reported March-quarter revenue of 86.8 billion renminbi , up from 37.6 billion renminbi. The latest total trounced the FactSet consensus view, which was for 75.9 billion renminbi.The company logged net income of 28.0 billion renminbi, or 18.96 renminbi per American depositary share. A year before, PDD posted net income of 8.1 billion renminbi, or 5.55 renminbi a share.On an adjusted basis, PDD logged 20.72 renminbi in earnings per share. That was nearly double the FactSet consensus of 10.49 renminbi.PDD's management didn't necessarily take a victory lap in the earnings release.
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