Shares of PDD Holdings Inc. PDD were soaring 16% in premarket trading Tuesday after the Chinese e-commerce company blew past expectations for its latest quarter. The company reported third-quarter net income of RMB15.5 billion ($2.1 billion), or RMB10.60 per American depositary share, whereas it recorded net income of RMB10.6 billion, or RMB7.34 per ADS, in the year-earlier period. On an adjusted basis, the company earned RMB11.61 per ADS, whereas analysts tracked by FactSet were modeling RMB8.94 per ADS. Revenue surged 94% to RMB68.8 billion, while analysts had been looking for RMB55.2 billion. “Under our ‘high-quality development’ strategy, we increased our investment in technology and further deepened user mindshare in the third quarter,” Jun Liu, the company’s vice president of finance, said in a release.
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