Why Pinduoduo Stock Is Skyrocketing Today
Pinduoduo (NASDAQ: PDD) published its third-quarter results before the market opened Tuesday, and the stock surged as investors responded to its results. The Chinese e-commerce specialist's share price was up 16.9% as of 11 a.m. ET, according to data from S&P Global Market Intelligence.
The company reported non-GAAP (adjusted) earnings per American depositary share of $1.55 on revenue of $9.44 billion, trouncing the analysts' average estimates for earnings per share of $1.16 on revenue of $7.42 billion.
Revenue for the period was up 94% year over year, with impressive growth being driven by its online marketing services and transaction services segments. Sales for the online marketing business jumped 39% year over year to roughly $5.44 billion, while transaction services revenue skyrocketed by about 315% to approximately $4 billion.
Source Fool.com
