Pinduoduo Surges 13.7% in Morning Trading

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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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lhkd
·2022-11-28
Good
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- JulianAlson:
  k
  2022-11-29
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Henryee18
·2022-11-28
Wow
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imsomeonelse
·2022-11-28
哇澀
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ConanToh
·2022-11-28
good
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- ConanToh:
  good
  2022-11-28
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