PDD Holdings Stock Drops 6% Despite Strong Q3 Earnings

(RTTNews) - PDD Holdings Inc. (PDD) shares slipped 5.75 percent to $121.61, down $7.42 in Tuesday trading, even as the company reported stronger third-quarter results that topped analyst expectations.

Shares are trading at $121.48 after opening at $123.18, compared with a previous close of $129.04 on the Nasdaq. Today's range spans $120.01 to $123.80, with volume at 12,691,566 versus an average of 8,769,179.

Over the past 52 weeks, the stock has traded between $87.11 and $139.41.

The company posted earnings of RMB29.33 billion, or RMB19.70 per share, up from RMB24.98 billion, or RMB16.91 per share, a year earlier. Adjusted earnings rose to RMB31.38 billion, or RMB21.08 per share, well above the Street's RMB16.57 estimate. Revenue increased 9 percent to RMB108.28 billion from RMB99.35 billion last year.