Pinduoduo Inc. (NASDAQ: PDD) stock gains by 15.06% in the current market trading session. Pinduoduo is a mobile-only marketplace in China that links millions of agricultural buyers and suppliers.
PDD stock’ Financial Highlights
Pinduoduo Corp. announced its second-quarter 2021 financial results. Given below the summary:
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- The quarter’s total revenue was RMB 23,046.2 million (US$113,569.4 million), a rise of 89 percent from RMB 12,193.3 million in the same quarter of 2020.
- Second quarter’s average monthly active users were 738.5 million which is an increase of 30% from 568.8 million in the same quarter of 2020.
- Operating profit was RMB 1,997.5 million (US$309.4 million) in the quarter, compared to a loss of RMB 1,639.6 million in the same quarter of 2020.
- In the first quarter of 2019, non-GAAP operational profit was RMB 3,185.2 million (US$493.3 million), compared to a non-GAAP operating loss of RMB725.1 million in the same period of 2020.
- In the second quarter of this year, total income attributable to ordinary shareholders was RMB 2,414.6 million (US$374.0 million), relative to a net loss of RMB899.3 million in the same quarter of 2020.
- In the first quarter of 2019, non-GAAP net income attributable to ordinary shareholders was RMB 4,125.3 million (US$638.9 million), relative to non-GAAP net loss of RMB77.2 million in the same quarter of 2020.
Other Significant Development
Pinduoduo confirmed recently that it will start a “10 Billion Agriculture Initiative” to identify major needs in the agriculture industry and rural communities. Profits from the second quarter, as well as any future profits, would be given to the Initiative. The Plan would not be motivated by profit or commercial purposes, but rather by facilitating the growth of agritech, promoting digital inclusiveness, and providing more motivation and a sense of accomplishment to agritech talents and employees.
Despite the fact that the “10 Billion Agriculture Initiative” would have a serious influence on shareholders’ short-term earnings per share, the Project has already obtained Board of Directors approval and will be personally monitored by Chairman and CEO Chen Lei. Following that, the firm will call a shareholders meeting to seek largest shareholder support.