Pinduoduo shares jumped 22% on Tuesday after reporting a quarterly* *profit for the first time since it began trading on Nasdaq in 2018. Basic earnings per share was RMB 1.93 ($0.3) for the second quarter ended June 30, compared to the RMB 0.75 net loss per share in the same period last year. Total revenue increased 89% year on year to RMB 23 billion, missing the average market expectation of RMB 26 billion. The firm also announced a “10 Billion Agriculture Initiative” to address critical agricultural and rural needs in China. Pinduoduo pledges to invest all of its profits in the current and coming quarters to the initiative. [Pinduoduo press release]