Categories Earnings, LATEST, Retail, Technology

Growing userbase helps Pinduoduo beat in Q2

E-commerce platform that offers budget goods, Pinduoduo (NASDAQ: PDD) on Wednesday reported higher revenues and narrower losses in the second quarter of 2019, sending its shares up over 6% during pre-marketing trading hours.

The Chinese firm’s revenues surged 169% to $1.062 billion, as average monthly users rose 88% to 366 million. Analysts were expecting Q2 revenues of 878.68 million.

There were 483.2 million active buyers for Pinduoduo at the end of Q2, and gross domestic volume stood at $103.3 billion, a year-over-year increase of 171% .

Earnings, on an adjusted basis, narrowed to RMB0.36 (US$0.04) per ADS, compared to RMB1.40 per ADS in the same quarter of 2018. Analysts had projected a wider loss of $0.19 per ADS.

READ: These 5 factors are making Tesla stock unattractive

“This unwavering focus on our users contributed to the significant increase in our annual active buyer base and annual spending per active buyer, which together led to the 171% increase in our last-twelve-month GMV to RMB709.1 billion,” CEO Zheng Huang said.

Annual spend per active buyer at the end of the second quarter came in at RMB1,467.5 (US$213.8), which was almost double over the same period last year.

Pinduoduo’s shares have gained 12% year-to-date and 28% in the past one month. 

Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!

Most Popular

Should investors worry about Micron’s (MU) weak Q4 results and guidance?

The semiconductor industry is a rapidly growing business segment that currently thrives on the digital transformation wave. The demand for memory chips and other semiconductor products increased over the years,

What has Bed Bath & Beyond (BBBY) outlined for this fiscal year?

Shares of Bed Bath & Beyond (NASDAQ: BBBY) were up on Friday, a day after the company delivered disappointing results for the second quarter of 2022. The company reported a

NKE Earnings: Highlights of Nike’s Q1 2023 results

Nike, Inc. (NYSE: NKE) has reported a decrease in net profit for the first quarter of 2023, despite a modest increase in revenues. The company's stock suffered a big loss

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top