Chinese Pinduoduo reported mixed results in Q2 and joins NASDAQ 100 index on Monday. The Pinduoduo earnings report came before the market open. PDD stock fell sharply.
The No. 3 Asia e-commerce business reported an loss that is adjusted of cent per share on income of $1.73 billion. Wall Street expected a loss in 21 cents on revenue of $1.74 billion.
Monthly users being active 55% vs. an earlier to 568.8 million year. Active buyers climbed 41% to 683.2 million.
Today Pinduoduo stock, that was near a record high, dropped 13.5percent, closing at 84 on the stock market. Shares closed Thursday at 97.14, nearing a 98.53 buy point that is cup-with-handle.
Shanghai-based Pinduoduo runs the third-largest platform that is e-commerce Asia by gross product amount, behind Alibaba Group (BABA) and JD.com (JD).
Pinduoduo describes its business design as “Costco fulfills Disneyland,” combining value and entertainment. The organization has built its platform that is e-commerce to a bazaar that is virtual purchasers can explore the full spectrum of items while interacting with each other. Moreover, an emphasis is placed due to it on team acquisitions.
The company’s e-commerce platform offers many products, including clothing and shoes, items for moms, furniture, household goods and electronics. Additionally sells meals and beverages. The company held its offering that is initial that general public July 2018, pricing shares at 19 and raising $1.6 billion.
Backers of Pinduoduo include China-based Tencent Holdings (TCEHY), a leader in messaging, mobile payments and gaming that is mobile Asia.
Pinduoduo Earnings Cap Busy week
The Pinduoduo earnings report caps a week that is busy e-commerce that is chinese. Alibaba reported results which are quarterly that beat estimates, as pandemic-fueled buying generated a 34% development rate in its core e-commerce business thursday.
In addition, on Wednesday, Vipshop Holdings (VIPS) reported mixed second-quarter outcomes by having a outlook that is third-quarter estimates. Additionally, on JD.com reported earnings which are second-quarter easily topped estimates as user growth jumped 30% monday.
The other day, Nasdaq announced PDD stock will join the Nasdaq 100 index prior to the marketplace open on Monday. It is replacing(NTAP that is netApp). Chinese Pinduoduo reported mixed results in Q2 and joins NASDAQ 100.