- 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.
Increase In Card Member Spending Boosts Amex Q1 Revenue, Company Eyes Steady Annual Growth
American Express Co. (NYSE: AXP) outperformed in fiscal Q1 2024, with revenues up 11% to $15.80 billion, thanks to higher net interest income and increased Card Member spending. EPS at $3.33 exceeded expectations, highlighting robust spending growth and strategic fee-based product offerings, drawing significant interest from younger consumers.
