China e-commerce company Pinduoduo reported first-quarter financial results early Friday that topped estimates. PDD stock shot up on the earnings report.
Pinduoduo reported adjusted earnings of 29 cents a share on revenue of $3.75 billion. Analysts expected Pinduoduo to report earnings of 25 cents a share on revenue of $3.08 billion.
Average monthly active users rose 4% to 751.3 million and active buyers in the 12 months to March 31 increased 7% to 881.9 million.
PDD stock 15.2% to close at 48.30 on the stock market today.
The company's e-commerce model combines social networking with group shopping. Pinduoduo runs the third-largest e-commerce platform in China by gross merchandise volume, behind Alibaba and JD.com.
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