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Pinduoduo Earnings Top Views; PDD Stock Rises

Pindoduo (PDD) reported first-quarter results early Wednesday that topped estimates. PDD stock rose.




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The China e-commerce company reported an adjusted loss of 23 cents per share on revenue of $3.38 billion. Analysts expected Pinduoduo to report a loss of 38 cents on revenue of $3.08 billion.

Average monthly active users was 724.6 million, up 49% from a year earlier.

PDD stock rose 4% during premarket action on the stock market today. Pinduoduo stock could reclaim its 50-day line after hitting resistance at that level on Tuesday.

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 Group (BABA) and JD.com (JD).

JD.com reported better-than-expected first-quarter results on May 19  that beat views on the top and bottom lines, as revenue jumped 39% to $31 billion.

More to follow.

Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.

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