By Michael Dabaie

Pinduoduo Inc. American depositary receipts were up about 20%, to $96.91, after the Chinese mobile-only marketplace for agricultural producers posted a surprise quarterly profit.

Pinduoduo reported second-quarter net income per American depositary share of 1.69 yuan, or 27 U.S. cents, turning around a year-earlier loss of 0.75 yuan. FactSet consensus was for a 2.14 yuan loss.

Adjusted earnings per ADS were 2.85 yuan, or 44 cents, from a year earlier adjusted loss of 0.06 yuan. FactSet consensus was for an adjusted loss of 1.63 yuan.

Revenue rose 89%, to 23.05 billion yuan, or $3.6 billion, but missed FactSet consensus for 26.6 billion yuan. The increase was primarily due to an increase in revenue from online marketing services.

Average monthly active users in the quarter were 738.5 million, up from 568.8 million in the same quarter of 2020.

Pinduoduo also said it launched a 10-billion-yuan initiative to support agricultural modernization and rural vitalization.

"Agriculture has long been at the core of Pinduoduo's corporate mission and strategy and the '10 Billion Agriculture Initiative' we announced today is a way for us to deepen our support for agricultural modernization and rural vitalization," said Chief Executive Lei Chen.

Write to Michael Dabaie at michael.dabaie@wsj.com

(END) Dow Jones Newswires

08-24-21 1418ET