American depositary receipts (ADRs) of PDD Holdings (PDD) skyrocketed over 18% in early trading Tuesday after the China-based 澳洲幸运5官方开奖结果体彩网:e-commerce group reported a huge jump in revenue, boosted by sales on 🧜its Temu shopping app.

PDD posted third quarter fiscal 2023 revenue of 68.8 million Chinese yuan ($19.4 million), a 94% increase from the year before. 澳洲幸运5官方开奖结果体彩网:Net income was up 37% to 17 million yuan ($2.3 million).

PDD credited the strong results to its technology spending. Co-CEO Lei Chen explained that the firm “continued to invest decisively in areas such as agritech, supply chain technology, and core R&D capabilities.”

Jun Liu, vice president of finance, added that th🎉e financial performance reflected “our investme🐬nt in technology and further deepened user mindshare.” She explained that the company “will continue to invest decisively to support our high-quality development.”

Chen also pointed out 𝐆that PDD has made “meaningful progress” in expanding its reach into markets outside of China. 

PDD Holdings ADRs rose to their highest level since April 2021 following the news.