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