Pinduoduo Inc. (PDD) shares are spiking on Thursday morning trade as the e-commerce player recorded a narrower net loss for the third quarter.
Currently, the shares are at $130.75, up 17.31 percent from the previous close of $111.46 on a volume of 8,046,881. For the 52-week period, the shares have traded in a range of $130.03 to $138.27 on average volume of 7,908,003.
The company reported a narrower net loss of RMB 784.71 million than the third quarter from net loss of RMB 2.335 billion in the prior year. Revenue for the quarter nearly doubled to RMB 14.209 billion from RMB 7.513 billion a year ago. Online marketing services have helped to increase revenues and the average monthly users increased 50 percent to 643.4 million, the company noted.
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