MarketWatch
Pinduoduo stock shoots up after profit more than triples, as consumer sentiment recovers
Shares of Pinduoduo Inc. shot up 7.4% in premarket trading Monday, after the China-based company that connects agricultural producers with consumers reported second-quarter profit that more than tripled and revenue that rose well above expectations, citing “a recovery in consumer sentiment .” Net income grew to RMB8.90 billion ($1.33 billion), or earnings of RMB6.22 per American depositary share (ADS), from RMB2.41 billion, or RMB1.69 per ADS, in the year-ago period. Excluding non-recurring items,
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