Shares of several Chinese stocks, including Pinduoduo Inc - ADR (NASDAQ:PDD), are trading higher on continued volatility. Last week's news of China's financial stability and development committee urging market stability measures along with strength in Alibaba Group Holding Ltd - ADR (NYSE:BABA) are helping lift Chinese equities. Alibaba shares are trading sharply higher after the company raised its buyback program... Read More
Shares of several Chinese stocks have also seen ongoing volatility in recent sessions amid a COVID-19 outbreak in the country which has caused some business operations to cease. Shares of Asia-Pacific stocks have also seen volatility in March as Russia-Ukraine tensions weigh on trader and investor sentiment.
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Pinduoduo also reported fourth-quarter financial results Monday. The company reported quarterly sales of $4.27 billion which missed the analyst consensus estimate of $4.76 billion by 10%. This sales figure represents a 5% increase over sales of $4.07 billion the same period last year. Pinduoduo also reported quarterly earnings of 92 cents per share which beat the analyst consensus estimate of 35 cents.
Pinduoduo is the third-largest e-commerce platform by gross merchandise volume in China.
Pinduoduo is trading higher by 19.18% at $47.66. Pinduoduo has a 52-week high of $152.06 and a 52-week low of $23.21.
