Pinduoduo surges 14% as earnings, sales suggest growing consumer strength
Chinese e-commerce platform operator Pinduoduo (NASDAQ:PDD) $Pinduoduo Inc.(PDD)$
Prior to the start of trading, Pinduoduo (PDD) said that it earned the equivalent of 93 cents a share, on revenue of $4.7B, for the quarter that ended June 30. Pinduoduo's (PDD) results blew past Wall Street's expectations for a profit of 41 cents a share, on $3.44B in revenue.
The results suggested consumers began opening up their checkbooks more in the wake of a series of Covid-related shutdowns in parts of China earlier this year.
Chief Executive Lei Chen said that the "recovery in consumer sentiment" was especially noticeable during China's 618 shopping festival. Chen called Pinduoduo's (PDD) performance "a reflection of the resilience of overall consumption."
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.
- SirBahamut·2022-08-30PDD earnings surprise neLikeReport
- Juneleecg·2022-09-13okLikeReport
- Tiger Sniper·2022-09-13LikeLikeReport
- Rods·2022-09-13hmmLikeReport
- hkwan·2022-08-31wooooooowooooooyayayLikeReport
- erichosk·2022-08-30okLikeReport