(Pinduoduo) Pinduoduo stock rose more than 8% in premarket on Friday after reporting revenue of RMB23.8 billion or $3.753 billion in the first quarter of 2022. The revenue was 7% higher than the prior year and better than estimates of RMB20.61 billion.
Pinduoduo said it grew its average monthly active users by 4% year-over-year to hit 751.3 million in the first quarter. The total active buyers were 881.9 million, representing a gain of 7% from the prior year.
The operating profit was RMB2.154 billion or $339.8 million, up from a loss of RMB4.15 billion in the prior year.
Pinduoduo also posted a positive net income of RMB2.6 billion or $410.1 million, up from a loss of RMB2.91 billion in the prior year.
The earnings per share were RMB2.95 or $0.47, up from a loss of RMB1.52 per share in the prior year. The per share income was higher than RMB1.83 estimates.
PDD:NASDAQ is up +8.39% in premarket.
