• Pinduoduo Inc (NASDAQ: PDD) reported first-quarter FY21 revenue growth of 239% year-on-year to $3.4 billion, beating the analyst consensus of $3.2 billion.
• Revenues from online marketing services and others rose 157% Y/Y to $2.2 billion, transaction services rose 180% Y/Y to $447.4 million, and merchandise sales were $782.1 million.
• Average monthly active users rose 49% Y/Y to 724.6 million, while Active buyers rose 31% Y/Y to 823.8 million in the twelve months ended March 31, 2021.
• Non-GAAP operating loss fell 11.5% Y/Y to $(484.5) million, and the margin contracted 4,053 basis points to (14.3)%.
• Non-GAAP net loss declined 40.4% Y/Y to $(288.5) million, with the margin contracting 3,993 basis points to (8.5)%.
• Non-GAAP EPS loss of $(0.23) beat the analyst consensus of $(0.42) loss.
• Pinduoduo used $568.5 million in operating cash flow and held $12.7 billion in cash and equivalents.
• Chairman and CEO Lei Chen visualizes Pinduoduo as a platform facilitating the trading of goods and services and a channel for turning ideas into solutions to everyday problems.