Bilibili Inc – ADR (NASDAQ:BILI) shares are trading higher by 10% to $16.26 Tuesday morning. Shares of Chinese stocks are trading higher following strong earnings from PDD Holdings.
Chinese authorities also recently took measures to boost investor confidence including a cut to taxes on stock trading, which has lifted Chinese stocks.
What Happened?
PDD Holdings reported second-quarter FY23 revenue growth of 66% year-on-year to $7.21 billion, beating the consensus of $6.07 billion.
Non-GAAP earnings per ADS of $1.44 beat the consensus of $1.01. Revenues from online marketing services and others rose 50% Y/Y to $5.23 billion. Revenues from transaction services jumped 131% Y/Y to $1.98 billion…Read More
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According to data from Benzinga Pro, Bilibili has a 52-week high of $29.46 and a 52-week low of $8.23.
