China e-commerce company Pinduoduo (PDD) reported mixed first-quarter results before the market open Friday, as gross merchandise volume doubled. Pinduoduo stock rose.
The company reported an adjusted loss of 39 per share on revenue of $923.5 million. Wall Street expected an adjusted loss of 32 cents on revenue of $741 million.
In addition, revenue climbed 44% in local currency.
Pinduoduo stock soared 14.5% to 68.70, a new closing high on the stock market today.
For the 12-month period ended March 31, Pinduoduo reported total gross merchandise volume of $163.4 billion, double that of the prior year.
The company ended the quarter with 628 million active buyers, up 42% from the year-ago period.
“Despite the Covid-19 outbreak and seasonality, we were able to ship on average 50 million daily orders in March to meet our users’ needs,” David Liu, vice president of strategy, said in written remarks with the earnings release.
Pinduoduo stock is up about 129% this year.
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