Stock market today: Dow, S&P 500, Nasdaq futures slip after record-setting surge as Nvidia earnings loom
PDD Holdings (PDD) stock gained 5% in premarket trading on Monday after the Chinese e-commerce giant beat earnings estimates by a wide margin. Shares spiked as much as 12% earlier but pared gains as investors digested the report.
The Temu and Pinduoduo owner reported earnings per American depository share (ADS) of 20.75 Chinese yuan (approximately $2.89) compared to estimates of 12.30 yuan ($1.72), per S&P Global Market Intelligence estimates.
Revenue rose 7% year over year to 10.4 billion ($1.45 billion), barely beating estimates as price competition with rivals Alibaba (BABA) and JD.com (JD) and higher costs from tariffs weighed on margins. US-listed shares of Alibaba and JD.com also rose ahead of the market open.
“Revenues growth further moderated this quarter amid intense competition,” said Jun Liu, PDD Holdings vice president of finance. “As we remain focused on long-term value creation, the sustained investments may continue to weigh on short-term profitability.”