Financial report is out | PDD rose more than 13% in pre-market trading! All indicators greatly exceeded market expectations.

PDD announced its Q1 financial report on Friday, which exceeded the overall market expectations.

The Q1 revenue was RMB 37.64 billion, exceeding the market expectation of RMB 31.981 billion and the same period last year of RMB 23.794 billion. The net profit was RMB 8.101 billion, compared to RMB 2.599 billion in the same period last year and the market expectation of RMB 3.065 billion.

Before the US stock market opened, PDD surged more than 13%.

Highlights of Q1 Financial Data

• The total revenue in Q1 was RMB 376.371 billion, a 58% increase from RMB 237.937 billion in the same period last year.
• The operating profit was RMB 6.929 billion (USD 1.0089 billion), a 222% increase from RMB 2.1544 billion in the same period last year.
• The non-GAAP operating profit in Q1 was RMB 8.4624 billion, a 130% increase from RMB 3.6772 billion in the same period last year.
• The net profit attributable to ordinary shareholders in Q1 was RMB 8.101 billion (USD 1.1796 billion), a 212% increase from RMB 2.5995 billion in the same period last year.
• The non-GAAP net profit attributable to ordinary shareholders in Q1 was RMB 10.1264 billion (USD 1.4745 billion), a 141% increase from RMB 4.2004 billion in the same period last year.
• The basic earnings per ADS was RMB 6.13 (USD 0.89), and the diluted earnings per ADS was RMB 5.55 (USD 0.81), compared to RMB 2.06 and RMB 1.84 in the same period last year, respectively.
• The non-GAAP diluted earnings per ADS was RMB 6.92 (USD 1.01), compared to RMB 2.95 in the same period last year.
• The net cash generated from operating activities was RMB 1.338 billion (USD 0.1948 billion), compared to RMB 9.0681 billion in the same period last year.
• The R&D expenses in Q1 were RMB 2.51 billion, estimated at RMB 2.92 billion.

Sub-item Business Revenue