Pinduoduo (PDD.US) stock rose over 20% after China's third-largest e-commerce company reported quarterly earnings of 5 cents per share on revenue of 2.1 billion compared to estimates of a loss per share of 17 cents on revenue of $1.86 billion. Revenues from online marketing services and others increased 92% and transaction services sales were up 66%. "This quarter we continued to invest in user engagement, which resulted in strong growth of MAUs and active buyers,” says CEO Lei Chen. “Our strategic priorities are informed by the changes in consumer habits that we observe and anticipate. We continue to innovate in order to meet such needs, especially in the agricultural industry." Average monthly active users increased 50% to 643.4M, and active buyers for the 12-month period were up 36% to 731.3M.
Pinduoduo (PDD.US) stock launched today's session with a massive bullish price gap however buyers failed to break above the $138.00 level and price pulled back. The nearest support lies at $117.00. Source: xStation5
