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Pinduoduo Pre-market Stock Up After Q3 Earnings Surge

Pinduoduo Inc. (PDD), a Chinese firm focused on traditional agriculture industry, on Monday reported a surge in earnings for the third quarter, driven by an increase in revenue.

For the three-months to September 30, the company registered a net income of RMB10.589 billion or RMB1.84 per share, compared with RMB1.639 billion or RMB 0.29 per share in the same quarter of 2021.

Earnings per ADS stood at RMB7.34, versus RMB1.15 per ADS of previous fiscal.

Excluding items, income was at RMB12.447 billion or RMB2.15 per share, higher than RMB3.150 billion or RMB0.55 per share, a year ago.

Adjusted earnings per ADS were at RMB8.62, compared with RMB2.18 per ADS of last year quarter.

Operating profit moved up 388 percent to RMB10.436 billion or $1.47 billion, higher than last year's RMB2.139 billion.

Pinduoduo generated revenue of RMB35.504 billion or $5 billion, 65 percent higher than RMB21.505 billion in the same quarter of 2021.

PDD is trading up by 15.89 percent at $76.25 per share in pre-market on the Nasdaq.

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