China’s largest agriculture platform Pinduoduo Inc (NASDAQ: PDD), reported third-quarter FY22 revenue growth of 65% year-on-year to $4.99 billion, beating the consensus of $4.31 billion.
Revenues from online marketing services and others rose 58% Y/Y to $3.996 billion.
Revenues from transaction services jumped 102% Y/Y to $987.2 million.
Revenues from merchandise sales declined 31% Y/Y to $7.9 million.
Pinduoduo posted a non-GAAP operating profit of $1.729 billion, up 277% Y/Y.
Non-GAAP earnings per ADS of $1.21 beat the consensus of $0.65.
Pinduoduo held $19.4 billion in cash and equivalents and generated $1.64 billion in operating cash flow.
“We continued to deepen our value creation in the third quarter,” said Mr. Lei Chen, Chair and CEO of PDD. “We will increase our R&D investment to further enhance the supply chain efficiency and agricultural digital inclusion.”
“Investment in certain projects was affected in the third quarter,” said Ms. Jun Liu, VP of Finance of PDD. “We will continue to step up our investment in R&D and create long-term value through innovations.”
Price Action: PDD shares traded higher by 16.24% at $76.43 in the premarket on the last check Monday.
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Source: https://finance.yahoo.com/news/pinduoduo-shares-pop-q3-earnings-120311463.html