Pinduoduo (NASDAQ:PDD) shares jumped more than 12.6% on Monday after the Chinese e-commerce company reported third-quarter results that handily topped expectations.
The Colin Huang-founded company said it earned an adjusted $1.21 per share as revenue rose 65% year-over-year to $4.99B. Analysts were expecting adjusted earnings of 72 cents per share and $4.6B in revenue.
The boost in revenue was attributed to online marketing services and transaction services.
“We continued to deepen our value creation in the third quarter,” said Mr. Lei Chen, Chairman and Chief Executive Officer of PDD in a statement. “We will increase our R&D investment to further enhance the supply chain efficiency and agricultural digital inclusion.”