Pinduoduo Inc. (NASDAQ: PDD) reported revenues that matched expectations and a wider-than-expected loss for the third quarter of 2019. Shares tanked over 17% in premarket hours on Wednesday.
Total revenues were RMB7,513.9 million ($1,051.2 million), up 123% from last year and in line with estimates of $1.05 billion. The growth in revenue was driven by an increase in online marketing services revenues.
Net loss attributable to ordinary shareholders was RMB2,335 million ($326.7 million), compared with net loss of RMB1,098.3 million last year. Adjusted net loss attributable to ordinary shareholders was RMB1,660.4 million ($232.3 million).
Net loss per ADS was RMB2.00 ($0.28), compared with net loss per ADS of RMB1.20 last year. Adjusted net loss per ADS was RMB1.44 ($0.20). Analysts had forecast a loss of $0.08 per share.
In the third quarter, revenues from online marketing services grew 126% year-over-year to RMB6,711.4 million ($938.9 million). Revenues from transaction services rose 101% to RMB802.5 million ($112.3 million) from the prior-year period.
Average monthly active users in the quarter increased 85% year-over-year to 429.6 million. GMV in the twelve-month period ended September 30, 2019 was RMB840.2 billion ($2117.5 billion), up 144% from the same period last year.
Active buyers in the twelve-month period ended September 30, 2019 were 536.3 million, an increase of 39% from the comparable period a year ago. Annual spending per active buyer in the twelve-month period ended September 30, 2019 increased 75% to RMB1,566.7 ($219.2) from the same period a year ago.
Total operating expenses were RMB8,472.6 million ($1,185.4 million), compared to RMB3,867.2 million last year.
Cash, cash equivalents and restricted cash totaled RMB34.4 billion ($4.8 billion) as of September 30, 2019.
Get access to timely and accurate verbatim transcripts that are published within hours of the event.
Most Popular
Costco (COST) reports strong growth in Q1 FY26 earnings; revenue up 8%
Costco Wholesale Corporation (NASDAQ: COST) has reported an increase in net income for the first quarter of fiscal 2026. Revenues grew 8.3% year-over-year. The Issaquah, Washington-headquartered warehouse giant’s total revenues
AVGO Earnings: Broadcom reports higher Q4 FY25 revenue, profit; results beat
Semiconductor company Broadcom, Inc. (NASDAQ: AVGO) on Thursday reported an increase in revenue and adjusted earnings for the fourth quarter of fiscal 2025. The numbers also surpassed analysts' expectations. Adjusted
Lamb Weston (LW) is set to report Q2 2026 earnings next week, here’s what to look for
Shares of Lamb Weston Holdings, Inc. (NYSE: LW) rose over 1% on Thursday. The stock has gained 4% over the past three months. The French fry giant is slated to
Comments
Comments are closed.