According to Futu News on May 22,$PDD Holdings (PDD.US)$The intraday increase continued to rise by 5.53% to $153.5, with a turnover of US$1,685 billion. As of press release, Pinduoduo's market capitalization reached US$213.2 billion, surpassing Alibaba's US shares.

According to the news, Pinduo announced the results for the first quarter of the 2024 fiscal year ahead of the market today. The Q1 results exceeded expectations. Results showed that Q1 revenue was RMB 86.81 billion, up 131% year on year. The previous estimate was RMB 76.86 billion. Adjusted net profit was RMB 30.60 billion, up 202% year on year. Previously estimated at RMB 15.53 billion. Additionally, Q1 adjusted US stocks ADS 20.72 yuan ($2.83), exceeding previous Wall Street expectations of $1.42. R&D expenses were RMB 2,909.6 billion, an increase of 16% over the previous year.

Regarding Q1 performance, Mr. Chen Lei, Chairman and Co-CEO of Pinduoduo, said, “We are committed to providing a trustworthy shopping environment for global users. The company will continue to focus on initiatives that have a sustainable impact on the community through investment and enhance long-term intrinsic value.”

Mr. Zhao Jiazhen, Executive Director and Co-CEO of Pinduoduo, said, “It is essential to thoroughly implement a high-quality development strategy this year. The company will focus on improving the overall consumer experience, enhancing supply chain capabilities, and cultivating a healthy platform ecosystem.”

Ms. Liu Jun, Vice President of Finance of Pinduoduo, said, “In the first quarter, we continued to increase our investment in key areas of the high-quality development strategy. We did not focus on short-term results, but instead gave priority to long-term value creation, and continued to work to further deepen our investment in the future.”