Pinduoduo (NASDAQ:PDD) stock is getting a boost on Monday after the Chinese agriculture tech company released results for the second quarter of 2022.
The positive earnings report for PDD stock starts with its adjusted earnings per share of $1.13. That easily beats out Wall Street’s estimate of 39 cents per share for the quarter. It’s also an improvement over the 44 cents per share reported during the same period of the year prior.
Adding to that, Pinduoduo reported revenue of $4.69 billion in the second quarter of the year. That’s another strong beat next to analysts’ revenue estimate of $3.49 billion. It also represents a 36% increase from the $3.57 billion reported in the second quarter of 2021.
Recovery Is Helping PDD Stock
Lei Chen, chairman and CEO of Pinduoduo, said the following in the earnings report:
We saw a recovery in consumer sentiment in the second quarter especially during the 618 shopping festival, a reflection of the resilience of overall consumption. We remain committed to building a platform that serves as a force for good.
News from the Q2 earnings report has PDD stock seeing heavy trading on Monday. As of this writing, more than 17 million shares of the company’s stock have been traded. To put that in perspective, the company’s daily average trading volume is closer to 11.8 million shares.
PDD stock is up 17.8% as of Monday morning and is up 21% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.