- China's largest agriculture platform Pinduoduo Inc PDD, reported third-quarter FY22 revenue growth of 65% year-on-year to $4.99 billion, beating the consensus of $4.31 billion.
- Revenues from online marketing services and others rose 58% Y/Y to $3.996 billion.
- Revenues from transaction services jumped 102% Y/Y to $987.2 million.
- Revenues from merchandise sales declined 31% Y/Y to $7.9 million.
- Pinduoduo posted a non-GAAP operating profit of $1.729 billion, up 277% Y/Y.
- Non-GAAP earnings per ADS of $1.21 beat the consensus of $0.65.
- Pinduoduo held $19.4 billion in cash and equivalents and generated $1.64 billion in operating cash flow.
- "We continued to deepen our value creation in the third quarter," said Mr. Lei Chen, Chair and CEO of PDD. "We will increase our R&D investment to further enhance the supply chain efficiency and agricultural digital inclusion."
- "Investment in certain projects was affected in the third quarter," said Ms. Jun Liu, VP of Finance of PDD. "We will continue to step up our investment in R&D and create long-term value through innovations."
- Price Action: PDD shares traded higher by 16.24% at $76.43 in the premarket on the last check Monday.
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