• 52
  • 4
  • Favorite

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.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Report

Comment4

  • lhkd
    ·2022-11-28
    Good
    Reply
    Report
    Fold Replies
  • Henryee18
    ·2022-11-28
    Wow
    Reply
    Report
  • imsomeonelse
    ·2022-11-28
    哇澀
    Reply
    Report
  • ConanToh
    ·2022-11-28
    good
    Reply
    Report
    Fold Replies
    • ConanToh
      good
      2022-11-28
      Reply
      Report
 
 
 
 

Most Discussed

 
 
 
 
 

7x24

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Company: TTMF Limited. Tech supported by Xiangshang Yixin.

Email:uservice@ttm.financial