PDD Holdings Inc – ADR (NASDAQ:PDD) shares are trading higher by 2.7% to $85.70 during Thursday’s session. The stock is trading higher in sympathy with peer Chinese e-commerce and tech company Alibaba Group Holding after the company reported better-than-expected first-quarter financial results.
Both Alibaba and PDD Holdings operate in the e-commerce industry. Strong results from Alibaba may imply increased consumer spending and heightened demand in the e-commerce market, which could positively impact PDD Holdings’ stock, as investors expect similar trends.
What Happened With Alibaba?
Alibaba posted 14% YoY growth in first-quarter FY23 revenue to $32.29 billion, surpassing the consensus of $31.20 billion. Non-GAAP earnings per ADS reached $2.40, exceeding the consensus of $2.02.
Segment highlights for Alibaba:
- Taobao and Tmall Group revenue rose 12% YoY to $15.85 billion.
- Alibaba International Digital Commerce Group revenue surged 41% YoY to $3.05 billion.
- Cloud Intelligence Group recorded 4% YoY growth to $3.47 billion.
- Digital Media and Entertainment Group saw a 36% YoY increase to $742 million…Read More
According to data from Benzinga Pro, PDD has a 52-week high of $106.38 and a 52-week low of $38.80.
