- Chinese agriculture and interactive commerce platform Pinduoduo Inc PDD reported second-quarter FY21 revenue growth of 89% year-on-year to $3.6 billion, missing the analyst consensus of $4.2 billion.
- Pinduoduo's average monthly active users (MAU) increased 30% Y/Y to 738.5 million. Active buyers in the twelve months ended June 30 rose 24% Y/Y to 849.9 million.
- Segments: Revenues from online marketing services and others rose 64% Y/Y to $2.8 billion, transaction services jumped 164% Y/Y to $465.8 million, merchandise sales were flat at $303.3 million.
- Pinduoduo posted a positive non-GAAP operating profit of $493.3 million. The revenues, excluding merchandise sales, increased 73% Y/Y.
- Non-GAAP earnings per ADS of $0.44 beat the consensus loss of $(0.15).
- Pinduoduo generated $1.1 billion in operating cash flow and held $14.3 billion in cash and equivalents.
- Pinduoduo announced the "10 Billion Agriculture Initiative" for the agricultural sector and rural areas.
- Peers Amazon.com Inc AMZN and Alibaba Group Holding Ltd BABA also missed the revenue consensus as e-commerce growth weakened. Domestic regulatory crackdown further hampered the Chinese tech stocks.
- Price Action: PDD shares traded higher by 11.60% at $90.50 in the premarket session on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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