Why Pinduoduo Stock Popped 22% Today
Shares of Pinduoduo (NASDAQ: PDD) soared 22.3% on Tuesday after the online retail marketplace generated its first quarterly net profit.
Pinduoduo's revenue surged 89% year over year to 23 billion yuan, or renminbi ($3.6 billion) in the second quarter. The gains were fueled in part by a 30% jump in average monthly active users, to 738.5 million, and a 24% increase in active buyers, to 849.9 million.
Investors cheered Pinduoduo's Q2 results. Image source: Getty Images.
Source Fool.com
