5 Notable Earnings Reports You Don’t Want to Miss

4. Pinduoduo Inc. (NASDAQ: PDD)

Number of Hedge Fund Holders: 49

Shares of Pinduoduo Inc. (NASDAQ: PDD) were down nearly 55 percent on a year-to-date basis until last week. However, the company’s shares regained some of their lost value after announcing its financial results for the second quarter.

The Chinese e-commerce giant reported adjusted earnings of 2.85 yuan per share for the three months ended June 30, crushing the consensus forecast for a loss of 1.88 yuan per share. Revenue for the quarter climbed 89 percent on a year-over-year basis to 23.05 billion yuan but fell slightly short of analysts’ average estimate of 26.63 billion yuan.

If we look at the performance of Pinduoduo’s key segments, revenue from the online marketing services jumped 64 percent to 18,080.4 million yuan, while transaction services revenue skyrocketed 164 percent to 3,007.6 million yuan. In addition, the average monthly active users in the quarter jumped 30 percent to 738.5 million.

Commenting on the quarter, CEO Lei Chen said:

“Agriculture has long been at the core of Pinduoduo’s corporate mission and strategy and the ’10 Billion Agriculture Initiative’ we announced today is a way for us to deepen our support for agricultural modernization and rural vitalization.”

Pinduoduo Inc. (NASDAQ: PDD) plans to spend 10 billion yuan to support agricultural innovations and address the crucial needs of China’s rural areas.