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Multinational commerce company PDD Holdings (PDD - Free Report) is set to report first-quarter earnings results on Friday before the bell. The stock has fallen nearly 25% this year on increased competition and economic growth concerns. Formerly known as Pinduoduo, the Zacks Rank #3 (Hold) stock has exceeded the earnings mark in each of the past four quarters. But given weakness in Chinese stocks as of late, is PDD a buy?
PDD has surpassed earnings estimates in each of the past four quarters, sporting an average beat of 84.51% over that timeframe. The company is expected to post a Q1 profit of $0.67/share, which would translate to a 42.55% increase versus the same quarter last year. Revenues are projected to have risen 22.1% to $4.58 billion during the first quarter.
Chinese stocks have been extremely volatile lately, as a fresh COVID wave has investors worried about a potential slowdown. The stock has moved steadily lower in 2023 after a head-and-shoulders topping pattern, developing amid concerns over increased competition and weakening Chinese economic growth.
7 Best Stocks for the Next 30 Days
Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops."
Since 1988, the full list has beaten the market more than 2X over with an average gain of +24.2% per year. So be sure to give these hand picked 7 your immediate attention.
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Get the latest research report on PDD - FREE