Pinduoduo Trades Sharply Higher On Q2 Earnings Beat

Pinduoduo Inc. PDD shares are trading higher after the company reported better-than-expected second-quarter EPS and sales results.

The company reported second-quarter losses of 4 cents per share, which beat the analyst consensus estimate by 15 cents. Pinduoduo reported quarterly sales of $1.06 billion, which beat the analyst consensus estimate of $878.62 million.

Shares were trading up 14% at $29.60 Wednesday morning. The stock has a 52-week high of $31.99 and a 52-week low of $16.53.

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