Chinese e-commerce company PDD Holdings (PDD), which owns the discount marketplace Temu, saw its 澳洲幸运5官方开奖结果体彩网:American depositary receipts (ADRs) surge 🉐after the opening bell Wednesday following a first-quarter earnings report that blew past expectations.

Like 澳洲幸运5官方开奖结果体彩网:last quarter, PDD more than doubled its revenue year-over-year, reporting revenue of 86.81 billion Chinese yuan ($12.02 billion) compared with CNY37.64 billion last year, well above the CNY76.38 billion analysts had expected, according to estimates compiled by Visible Alpha.

PDD more than tripled its profits year-over-year, recording CNY28 billion for the quarter from CNY8.1 billion a year ago, and more than doubled analyst estimates of CNY13.02 billion. The company reported diluted 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of CNY4.74, while analysts had p🎉rojected CNY2.25.

Temu Continues To Grow, But Not Withoutꦬ Scrutiny

Temu has grown substantially since launching in the U.S. in September 2022, helping PDD 澳洲幸运5官方开奖结果体彩网:repeatedly beat expectations in its earnings reports 澳洲幸运5官方开奖结果体彩网:over the last year. The company also made headlines earlier this year, when it bought multiple slots of commercial space 澳洲幸运5官方开奖结果体彩网:during the Super Bowl, which has also led to increas⭕ed scrutiny of Temu's business model.

Allegations have been made against Temu and Chinese fast-fashion rival Shein that their businesses benefit from forced labor, including in a June 2023 House committee report, as they each depend on thousands of different suppliers. Both companies have denied the allegations.

Jefferies analysts in March 澳洲幸运5官方开奖结果体彩网:upgraded their rating of PDD to "buy" from "hold," saying they believed "that concerns on geopolitical ris♋ks are priced in, and Temu's market share gain story in domestic and overseas markets is intact."

ADR💙s of the company rose 5.4% to $153.31 as of 9:52 a.m. ET Wednesday, and have more than doubled over the last 12 months.