Pinduoduo shares rise by ~6% after Q1 results

May 27, 2022 1:18 PM ETPinduoduo Inc. (PDD)MELI, CPNGBy: Mary Christine Joy, SA News Editor2 Comments

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  • Chinese e-commerce platform Pinduoduo (NASDAQ:PDD) rose by ~6% after reporting Q1 results.
  • PDD reported Q1 non-GAAP EPADS of $0.47, beats by $0.20, and revenue of $3.75B (+7.0% Y/Y), beats by $670M.
  • The company attributed the increase mainly to an increase in revenue from online marketing services and transaction services, offset by the decrease in revenue from 1P trials.
  • Meanwhile, the shares of peers, MercadoLibre (MELI) and Coupang (CPNG), rose significantly after reporting an increase in revenue of 63% and 22%, respectively.
  • "We have been going through adjustments and development strategies to focus more on technology and agriculture in order to pursue long-term high-quality growth," CEO Chen Lei said during the company's Q1 earnings call.
  • "While it takes time for the final results to bear fruit and in the process our growth rate might be affected," Lei said.

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