Pinduoduo (NASDAQ: PDD) shares jumped Friday after the company topped Q1 earnings and revenue expectations.

The company reported Q1 EPS of RMB6.92, RMB2.45 better than the analyst estimate of RMB4.47, while revenue for the quarter, which increased 58% YoY, came in at RMB37.64 billion versus the consensus estimate of RMB32.18 billion.

PDD shares are currently trading at over $68 per share premarket after rising 15.55%. The stock closed Thursday's session at around $60.

In addition, sales and marketing expenses were RMB16,259.7 million, representing a 45% increase from RMB11,219.1 million in the same quarter of 2022. The rise was put down to increased spending on promotion and advertising activities.

"Technology is the cornerstone of sustainable and inclusive growth that creates positive value for society," said Lei Chen, Chairman and Co-Chief Executive Officer of PDD Holdings. "We will channel more resources to R&D as it is the key catalyst in driving efficiency and uncovering opportunities."

By Sam Boughedda