American depositary receipts (ADRs) of PDD Holdings (PDD), the parent company of a number of companies including online discount retailer Temu, rose Wednesday morni🍌ng following a strong fourth-quarter earnings report.

PDD posted quarterly revenue of 88.88 billion Chinese yuan ($12.52 billion) and adjusted net income of 25.48 billion yuan ($3.59 billion), or adjusted 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of 17.32 yuan ($2.40), all well above analyst estimates compiled by Visible Alpha.

PDD more than doubled its revenue and net income over the same period in the prior fiscal year as Temu has 澳洲幸运5官方开奖结果体彩网:grown substantially in the U.S., and Wednesday's earnings report is PDD's first since Temu aired multiple 澳洲幸运5官方开奖结果体彩网:commercials during the Super Bowl, the biggest night of television in the U.S.

ADRs of PDD have risen following 澳洲幸运5官方开奖结果体彩网:earnings reports for 澳洲幸运5官方开奖结果体彩网:consecutive quarters as Temu has continued to grow since its Sept. 2022 launch in the U.S. Temu said earlier this year that it planned to open its platform to U.S. and European sellers.

Last summer, a House committee released a report on Temu and Shein, another Chinese fast-fashion retailer, alleging that there was a "high risk" that the companies' business models involved some form of forced labor somewhere in the tens of thousands of suppliers they use. Both companies have denied any allegations of forced labor.

Jefferies analysts reiterated a "buy" rating on PDD in a note following the earnings report's release, with a price target of $157.

ADRs of PDD were up about 4.4% at 10:🍸37 a.m. ET. They are down about 🌌8.5% so far this year, but have increased more than 68% in the last 12 months.