PDD Holdings Inc ( PDD ) reported fourth-quarter fiscal 2023 revenue growth of 123% year-on-year to $12.52 billion (CNY88.88 billion), beating the consensus of $11.01 billion.

The Chinese online retailer’s adjusted earnings per ADS of $2.40 (CNY17.32) increased from CNY8.34 Y/Y, beating the consensus of $1.60. The stock price climbed after the results.

Revenues from online marketing services and others rose 57% Y/Y to $6.86 billion.

Revenues from transaction services jumped 357% Y/Y to $5.66 billion.

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The Alibaba Group Holding Limited ( BABA ) rival posted an adjusted operating profit of $3.46 billion, up 112% Y/Y.

Pinduoduo held $30.6 billion in cash and equivalents as of December 31, 2023, and generated $5.2 billion in operating cash flow.

“In the fourth quarter, we saw growing demand driven by encouraging consumer sentiment,” said Jiazhen Zhao, Executive Director and Co-Chief Executive Officer of PDD Holdings ( PDD ).

The stock gained 62% last year. Investors can gain exposure to the stock via Global X MSCI China Consumer Discretionary ETF ( CHIQ ) and Invesco China Technology ETF ( CQQQ ) .

Price Action: PDD shares traded higher by 15.7% at $147.52 in the premarket on the last check Wednesday.

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