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.
Broadcom (NASDAQ: AVGO) reported non-GAAP EPS of $5.14 for the second quarter of 2020 on revenue of $5.74 billion. While the earnings came in line with the analysts' estimates, revenue
Video conferencing platforms and other workplace collaboration tools have become more popular nowadays. With most people confined to their homes, apps that allow us to stay in touch have become
Cloudera (NYSE: CLDR) once again proved its mettle by reporting impressive results for the April-quarter that was mostly marred by the market-turmoil spurred by the virus attack. Though the tech