Pinduoduo soars 14% on strong Q3 earnings
The shares of Chinese e-commerce platform Pinduoduo Inc. jumped past a one-year high on Wall Street during the first trading session of the week, following the company posting its third-quarter earnings results. In the July-September trimester, Pinduoduo revealed its revenue surged 65% to $4.99 billion, surpassing market estimates.
"The competition remains intense, and we need to invest patiently in the supply side and step up our investments in technology and innovation to improve the overall supply chain efficiency," CEO Chen Lei told analysts following the report, which pushed shares over 10% higher prior to the opening bell.
At 10:56 am ET, Pinduoduo's stock soared 14.25% to sell for $75.14 apiece, climbing just past the market value recorded a year ago as the Chinese market partially rebounded from strict COVID-19 lockdowns. Pinduoduo led the gainers' table on the Nasdaq despite Wall Street overall posting losses.