Shares of Pinduoduo (NASDAQ: PDD) soared by more than 12% in pre-market trading on Monday after the company reported upbeat Q3 results. The Chinese platform connects farmers with consumers directly through an interactive shopping experience.
PDD posted revenues of $4.99 billion, a jump of 65% year-over-year and surpassing Street estimates by $690 million. Adjusted earnings per diluted ADS was $1.21 in Q3, beating analysts’ estimates of $0.67.
Lei Chen, Chairman, and CEO of PDD commented, “We continued to deepen our value creation in the third quarter. We will increase our R&D investment to further enhance the supply chain efficiency and agricultural digital inclusion.”
Analysts are bullish about PDD with a Strong Buy consensus rating based on 11 Buys and one Hold, as indicated in the above graphic.