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Why Pinduoduo (PDD) Soared 20% on Thursday
Shares of Pinduoduo (PDD - Free Report) jumped 20% in midday trading after reporting a surprise adjusted profit and revenue growth in the company’s fiscal third quarter. At the close, PDD was up 20.4% to $134.21 per share. PDD has more than quadrupled from its mid-March 52-week low of above $30
Revenue jumped 89% year-over-year while adjusted profit of 0.33 yuan per American depository share beat analyst estimates. Chief Executive Lei Chen said that user engagement played a big part in the company’s strong third quarter performance—monthly active users increased by 50% to 634.4 million and active buyers hit 536.3 million, up 36% year-over-year.
Pinduoduo is a Shanghai-based e-commerce platform, and is the second-largest online marketplace in China behind Alibaba (BABA - Free Report) .
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.3% per year.
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See these time-sensitive tickers now >>