Shares of Pinduoduo were up nearly 5% in premarket trading Monday after the company, which connects consumers and agricultural producers in China, reported a mixed fourth quarter. The company generated fourth-quarter net income of RMB6.62 billion ($1.04 billion), or RMB4.66 per American depositary share, whereas the company had recorded a loss of RMB1.37 billion, or RMB1.13 per ADS, in the year-prior quarter. On an adjusted basis, the company earned RMB5.88 per ADS, whereas it saw an RMB0.15 loss per ADS in the year-prior quarter. The FactSet consensus was for RMB2.38 a share. Revenue ticked up to RMB27.23 billion ($4.27 billion) from RMB26.55 billion, while analysts had been projecting RMB29.78 billion. Pinduoduo saw gross merchandise volume of RMB2.44 trillion in the quarter, up from RMB1.67 trillion in the year-earlier quarter. The company had 733.4 million average monthly active users in the fourth quarter and 868.7 million active buyers in the 12-month period that ended Dec. 31. Shares of Pinduoduo have declined 28.2% over the past three months.
(END) Dow Jones Newswires
March 21, 2022 08:13 ET (12:13 GMT)
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