Why Pinduoduo Stock Is Soaring Higher Today
Shares of Pinduoduo Inc. (NASDAQ: PDD), a Chinese e-commerce company, were rising fast this morning after the company reported better-than-expected third-quarter results. Pinduoduo's third-quarter revenue increased 65% from the year-ago quarter to $4.99 billion, outpacing Wall Street's consensus estimate of $4.31 billion. Not only did the company easily beat analysts' expectations for the top line, but Pinduoduo's bottom line also impressed investors.