- PDD Holdings Inc (NASDAQ:PDD) reported first-quarter FY23 revenue growth of 58% year-on-year to $5.48 billion, beating the consensus of $4.53 billion.
- Revenues from online marketing services and others rose 50% Y/Y to $3.97 billion.
- Revenues from transaction services jumped 86% Y/Y to $1.51 billion.
- Pinduoduo posted a non-GAAP operating profit of $1.23 billion, up 130% Y/Y.
- Non-GAAP earnings per ADS of $1.01 beat the consensus of $0.54.
- Pinduoduo held $22.9 billion in cash and equivalents and generated $194.8 million in operating cash flow.
- Lei Chen, Chairman, and Co-CEO, said, “We will channel more resources to R&D as it is the key catalyst in driving efficiency and uncovering opportunities.”
- Price Action: PDD shares traded higher by 13.76% at $68.28 in the premarket on the last check Friday.
First Solar Receives Grant For 3.4 Gigawatt Project In India: Report
The Avaada Group and First Solar Inc (NASDAQ: FSLR) are reportedly among the beneficiaries of India's ~$2.4 billion in incentives to boost domestic manufacturing of solar modules.
