Posted inNews Feed

Pinduoduo shares surge after reporting quarterly profit for the first time

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]

Posted inHeavy Hitters

Pinduoduo posts strong revenue but bigger loss in Q1

Chinese e-commerce company Pinduoduo posted mixed results for the first quarter of this year on Friday. Why it matters: The fallout from the Covid-19 outbreak weighs on the Q1 performances of Chinese e-commerce platforms. Similarly, JD released slowed-down Q1 revenue in mid-May. Pinduoduo, a strong competitor to JD’s runner-up position in China’s e-commerce market, surpasses its e-commerce […]