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China’s largest agriculture platform Pinduoduo Inc (NASDAQ: PDD), reported third-quarter FY22 income progress of 65% year-on-year to $4.99 billion, beating the consensus of $4.31 billion.
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Revenues from on-line advertising companies and others rose 58% Y/Y to $3.996 billion.
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Revenues from transaction companies jumped 102% Y/Y to $987.2 million.
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Revenues from merchandise gross sales declined 31% Y/Y to $7.9 million.
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Pinduoduo posted a non-GAAP working revenue of $1.729 billion, up 277% Y/Y.
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Non-GAAP earnings per ADS of $1.21 beat the consensus of $0.65.
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Pinduoduo held $19.4 billion in money and equivalents and generated $1.64 billion in working money stream.
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“We continued to deepen our worth creation within the third quarter,” mentioned Mr. Lei Chen, Chair and CEO of PDD. “We are going to enhance our R&D funding to additional improve the availability chain effectivity and agricultural digital inclusion.”
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“Funding in sure initiatives was affected within the third quarter,” mentioned Ms. Jun Liu, VP of Finance of PDD. “We are going to proceed to step up our funding in R&D and create long-term worth by improvements.”
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Worth Motion: PDD shares traded larger by 16.24% at $76.43 within the premarket on the final examine Monday.
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