Pinduoduo tops revenue estimates for Q3 – the stock is rising

The Chinese e-commerce platform Pinduoduo Inc. (NASDAQ: PDD) announced its unaudited Q3 financial results on Monday.

The company beat revenue estimates for the quarter, but fell short of earnings per share (EPS) estimates.

Revenue reported at $4.991 billion (an increase of 65% year-over-year) vs. $4.315 billion estimate.

EPS at $0.302 per share vs. analyst estimate of $0.673 per share.

”We continued to deepen our value creation in the third quarter,” Lei Chen, Chairman and CEO of the company said in a press release.

”We will increase our R&D investment to further enhance the supply chain efficiency and agricultural digital inclusion,” Chen added.

The latest results had a positive impact on the stock price. Shares of Pinduoduo were up by around 14% on Monday, trading $74.97 a share.

Stock performance

• 1 month: +36.93%
• 3 month: +69%
• Year-to-date: +78%
• 1 year: +34%

Pinduoduo price targets

• Citigroup: $79
• Barclays: $70
• B of A Securities: $89
• HSBC: $93
• JP Morgan: $23
• DBS Bank: $96
• Macquarie: $104

Pinduoduo is the 136^th largest company in the world with a market cap of $94.92 billion.

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Sources: Pinduoduo Inc., TradingView, MarketWatch, MetaTrader 5, Benzinga, CompaniesMarketCap