Shares of PDD (NASDAQ: PDD) were up 16% as of 12:24 p.m. ET on Tuesday after the company reported better-than-expected earnings results for the second quarter.
Revenue grew 66% year over year to $7.2 billion, while adjusted net profit grew 42% to $2.1 billion. The quarter bolstered investors' confidence in the economic recovery, sending the stock up from its recent slump.
Co-CEO Jiazhen Zhao noted a "positive shift in consumer sentiment, leading to a rise in demand across various product sectors." PDD benefited from sales promotions during the June 18 shopping festival. The company has been investing to deliver better savings and services to customers across its commerce platform.
Source Fool.com