American depositary receipts (ADRs) of PDD Holdings (PDD) skyrocketed over 18% in early trading Tuesday after the China-based 澳洲幸运5开奖号码历史查询: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开奖号码历史查询: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 the financial performance reflected “our investment in technology and further deepened user mindshare.” She explained that the co💫mpany “will continue to invest decisively to support our high-quality development.”

Chen also pointed out that 🤡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.