- PDD Holdings Inc. (NASDAQ:PDD), which owns and operates a portfolio of businesses, including Pinduoduo and Temu, reported fourth-quarter FY22 sales growth of 46% year-on-year to $5.77 billion, missing the consensus of $5.95 billion.
- Revenues from online marketing services and others rose 38% Y/Y to $4.489 billion.
- Revenues from transaction services jumped 86% Y/Y to $1.275 billion.
- Revenues from merchandise sales declined 29% Y/Y to $8.4 million.
- PDD posted a non-GAAP operating profit of $1.681 billion, up 38% Y/Y.
- Non-GAAP earnings per ADS of $1.21 matched the consensus estimate.
- PDD held $21.7 billion in cash and equivalents and generated $3.849 billion in operating cash flow.
- “We will further step up our investments in technology to drive sustainable growth of our company,” said Jun Liu, VP of Finance of PDD Holdings.
- Price Action: PDD shares traded lower by 13.31% at $79.70 in the premarket on the last check Monday.
Powerfleet Expands Personal Safety IoT Marketplace Through Partnership With ClickNow
Powerfleet, Inc. (NASDAQ:PWFL), a global leader of Internet of Things (IoT) software-as-a-service (SaaS) solutions that optimize the performance of mobile assets and resources to unify business operations, has
