PDD Surpasses Market Cap Despite Difference in Scale
While Alibaba has over $125 billion in trailing-twelve-month revenues, PDD is just over $27 billion. Revenue per share at Alibaba is double that of PDD, and net income is almost triple.
In the five years since both companies’ stocks have been listed on the U.S. stock markets, Alibaba has consistently maintained a higher market capitalization compared to PDD Holdings.
New 52-Week High Helps PDD Surpass Alibaba’s Market Capitalization
PDD’s blockbuster third-quarter earnings reported on Tuesday sent its shares soaring. PDD shares recorded a new 52-week high on Thursday, post earnings.
This upward momentum in PDD’s stock was so substantial that, for the first time in the company’s history on the stock market, its market capitalization exceeded that of its e-commerce rival, Alibaba, on Wednesday.
By the close of the market on that day, PDD’s market value had reached $195.89 billion, surpassing Alibaba’s valuation of $190.45 billion.
Billionaire and Alibaba founder Jack Ma congratulated Pinduoduo on its recent strong performance.
“The era of AI e-commerce has just begun,” he said, adding that “it is an opportunity and a challenge for everyone.” Ma also called for “change” at Alibaba and reminded employees of the company’s mission and vision.
Read Next: Jack Ma Calls For Alibaba’s Strategic Shift, Lauds Rival PDD’s Moves In An Internal Memo
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