Pinduoduo Inc PDD is trading significantly higher Tuesday after the company announced second-quarter financial results.
Pinduoduo reported quarterly adjusted earnings of 44 cents. The company reported quarterly revenue of $3.57 billion, which missed the estimate of $4.2 billion, but represented an 89% increase year over year.
Monthly active users came in at 738.5 million, representing a 30% increase year over year.
Pinduoduo also announced that it plans to launch an agriculture initiative to address critical needs in the agricultural sector and rural areas.
“We believe that investing in agriculture will reap outsized social benefits because agriculture is the nexus of food security and quality, public health and environmental sustainability,” said Chen Lei, chairman and CEO of Pinduoduo.
Pinduoduo provides a platform for buyers with value-for-money merchandise, as well as fun and interactive shopping experiences.
PDD Price Action: Pinduoduo has traded as high as $212.59 and as low as $69.89 over a 52-week period.
At last check Tuesday, the stock was up 19.80% at $97.14.
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