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Aug. 24, 2021, 7:42 a.m. EDT

Pinduoduo stock jumps after surprise profit, although revenue comes up short

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By Tomi Kilgore

Shares of Pinduoduo Inc. /zigman2/quotes/208876581/composite PDD -8.16% jumped 7.1% in premarket trading Tuesday, after the China-based mobile marketplace connecting agricultural producers and consumers reported a surprise second-quarter profit although revenue nearly doubled but missed forecasts. The company swung to net income of RMB2.41 billion ($373.97 million), or RMB1.69 per American depositary share, from a loss of RMB899.35 million, or RMB0.75 per ADS, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to RMB2.85, beating the FactSet consensus for a per-share loss of RMB1.88. Revenue grew 89.0% to RMB23.05 billion ($3.57 billion), but missed the FactSet consensus of RMB26.63 billion. Average monthly active users rose 30% to 738.5 million, and active buyers in the 12-month period ended June 30 increased 24% to 849.9 million. The stock has tumbled 37.8% over the past three months through Monday, while the iShares MSCI China ETF /zigman2/quotes/206267952/composite MCHI -2.86% has dropped 15.1% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.84% has gained 6.7%.

/zigman2/quotes/208876581/composite
US : U.S.: Nasdaq
$ 54.44
-4.84 -8.16%
Volume: 21.94M
Dec. 3, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$68.23 billion
Rev. per Employee
$1.08M
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/zigman2/quotes/206267952/composite
US : U.S.: Nasdaq
$ 63.09
-1.86 -2.86%
Volume: 10.26M
Dec. 3, 2021 4:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,538.43
-38.67 -0.84%
Volume: 2.71B
Dec. 3, 2021 5:35p
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