Why Is Pinduoduo (PDD) Stock Up 14% Today?
Pinduoduo (NASDAQ:PDD) stock is on the move Monday as investors react positively to the company’s third-quarter earnings report.
That report starts with Pinduoduo’s adjusted earnings per American depositary share (ADS) coming in at $1.21. That’s well above the 65 cents per share Wall Street had expected. It also represents strong year-over-year (YOY) growth.
Adding to that is the Chinese tech company’s revenue of $4.99 billion. That’s another case of it beating estimates; analysts had expected revenue of $4.31 billion for the quarter. This also saw revenue increase by 65% YOY.
CEO Comments on Earnings
Lei Chen, Chairman and CEO of Pinduoduo, said the following in the earnings report:
“We continued to deepen our value creation in the third quarter […] We will increase our R&D investment to further enhance the supply chain efficiency and agricultural digital inclusion.”
The strong Q3 earnings report has shares of PDD stock seeing heavy trading on Monday. As of this writing, more than 17 million shares of the company’s stock have changed hands. That’s already well above the company’s daily average trading volume of about 13.7 million shares.
PDD stock is up 14.3% as of Monday morning. Shares of PDD stock are also up 34% since the start of the year.
Investors looking for more of the most recent stock market news will want to keep reading!
We have all of the hottest stock market coverage traders need to know about on Monday! A few examples of that include what’s happening with shares of Fusion Fuel Green (NASDAQ:HTOO), Shopify (NYSE:SHOP) and Helbiz (NASDAQ:HLBZ) stock today. You can catch up on all of that news at the links below!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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