Pinduoduo Reported Its First Ever Profit! Here's What Investors Should Know
Pinduoduo (NASDAQ: PDD) last week announced its first-ever quarterly net profit as a publicly traded company. The leading e-commerce company in China reported $69 million in profit (on an adjusted basis) for the third quarter of 2020 thanks to solid revenue growth.
Attaining its first-ever profit is an important milestone for the company, which has been trading on the Nasdaq since July 2018. But there were some other important takeaways to come out of the company's latest earnings report as well. Here are three of them.
Pinduoduo delivered a solid quarter with growth across all metrics. Revenue surged 89% year over year to $2.1 billion on the back of higher online marketing services (up 92%) and transaction services (up 66%) income. Similarly, operating metrics came in stronger with average monthly active users (MAUs) up 50% year over year to 643 million and annual active buyers up 36% to 731 million.
Source Fool.com
