Pinduoduo Surges 13.7% in Morning Trading

Tiger Newspress2022-11-28

China's Pinduoduo Inc beat Wall Street estimates for third-quarter revenue on Monday, helped by COVID-related lockdowns in the country that forced consumers to shop online, sending its shares up 13.7% in U.S. early morning trade.

The intermittent lockdowns and a recovery in consumer spending helped Pinduoduo and other online retailers gain business in the by-gone quarter.

Pinduoduo's revenue increased 65% to 35.50 billion yuan ($4.99 billion) in the quarter ended Sept. 30, surpassing estimates of 30.94 billion yuan, according to Refinitiv data.

Pinduoduo's performance comes as the latest reports by larger e-commerce peers point to a recovery in the Chinese market.

JD.com Inc, posted an 11.4% rise in third-quarter revenue last week and said that it was seeing signs of a consumption recovery. Rival Alibaba Group Holding Ltd reported 3% revenue growth for the second quarter.

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Comments

lhkd
2022-11-28
lhkd
Good
- JulianAlson:
  k
Henryee18
2022-11-28
Henryee18
Wow
ConanToh
2022-11-28
ConanToh
good
- ConanToh:
  good

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