After rising by more than 10% after posting results, PDD (PDD) gained 3.5% on Wednesday. Look for PDD stock to attempt a delayed rally this morning.
PDD, based in China, reported revenue growing by 123% Y/Y to $12.52 billion. The firm pivoted its sales out of its domestic market to capture the U.S. and Western consumers. Q4 non-GAAP EPADS of $2.40 beat estimates by 75 cents.
PDD’s online marketing services revenue gained 57% Y/Y to $6.86 billion. Revenue from transaction services rose by 357% to $5.66 billion.
In the technology sector, Micron Technology (MU) traded in the triple dollar figure for the first time. In after-hours trade, MU stock rose by 14.4% to $110. The memory chip maker increased its revenue by 57.7% Y/Y to $5.82 billion. Operating cash flow fell to $1.22 billion, compared to $1.4 billion in the prior quarter.
Micron said that it believes it is one of the biggest beneficiaries of the multi-year opportunity enabled by artificial intelligence. Miron expects revenue of $6.6 billion +/- $200 million. Analysts expected only $6 billion.
The firm delivered 36GB HBM3e samples. This will lead to order growth in the coming quarters.
MU stock is a long-term hold. Traders may bet on Intel (INTC), AMD, Nvidia (NVDA), and Super Computer Micro (SMCI) rising today on Micron’s stock strength.
