Pinduoduo surges 14% as earnings, sales suggest growing consumer strength
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Chinese e-commerce platform operator Pinduoduo (NASDAQ:PDD) saw its shares start the week on strong note by rising 14% Monday on upbeat reaction to its second-quarter results.
Prior to the start of trading, Pinduoduo (PDD) said that it earned the equivalent of 93 cents a share, on revenue of $4.7B, for the quarter that ended June 30. Pinduoduo's (PDD) results blew past Wall Street's expectations for a profit of 41 cents a share, on $3.44B in revenue.
The results suggested consumers began opening up their checkbooks more in the wake of a series of Covid-related shutdowns in parts of China earlier this year. Chief Executive Lei Chen said that the "recovery in consumer sentiment" was especially noticeable during China's 618 shopping festival. Chen called Pinduoduo's (PDD) performance "a reflection of the resilience of overall consumption."
Aside from Pinduoduo (PDD) other notable Chinese internet stocks put in a negative performance on Monday. 
Alibaba (BABA) slipped by 1.4%, Baidu (BIDU) edged down 0.3%, Weibo (WB) and NetEase (NTES) each gave up almost 3% on the day, JD.com (JD) shed nearly 2% and the Krane Shares CSI China Internet ETF (KWEB) also ended the day down by almost 2%.
Chinese stocks ended last week on a rough note after the U.S. and China reached a preliminary deal to give U.S. regulators access to audit Chinese companies that have their shares traded in New York.