Pinduoduo Inc. (“Pinduoduo” or the “Company”) (NASDAQ: PDD),
China’s largest agriculture platform, today announced its unaudited
financial results for the first quarter ended March 31, 2022.
First Quarter 2022
Highlights
- Total revenues in
the quarter were RMB23,793.7 million (US$13,753.4 million), an
increase of 7% from RMB22,167.1 million in the same quarter of
2021.
- Average monthly active
users2 in the quarter was 751.3 million,
an increase of 4% from 724.6 million in the same quarter of
2021.
- Active
buyers3 in the twelve-month period ended
March 31, 2022 was 881.9 million, an increase of 7% from 823.8
million in the twelve-month period ended March 31, 2021.
- Operating profit
in the quarter was RMB2,154.4 million (US$339.8 million), compared
with operating loss of RMB4,147.0 million in the same quarter of
2021. Non-GAAP4 operating
profit in the quarter was RMB3,677.2 million (US$580.1
million), compared with non-GAAP operating loss of RMB3,174.1
million in the same quarter of 2021.
- Net income attributable to
ordinary shareholders in the quarter was RMB2,599.5
million (US$410.1 million), compared with net loss of RMB2,905.4
million in the same quarter of 2021. Non-GAAP net income
attributable to ordinary shareholders in the quarter was
RMB4,200.4 million (US$662.6 million), compared with non-GAAP net
loss of RMB1,890.3 million in the same quarter of 2021.
“We remain focused on making long-term
investments in agriculture and abide by our philosophy of ‘Benefit
All’, ‘People First’, and ‘More Open’,” said Mr. Lei Chen, Chairman
and Chief Executive Officer of Pinduoduo.
“At this current scale, it is inevitable for us
to see slower growth,” said Ms. Jun Liu, VP of Finance of
Pinduoduo. “We need to continue to invest in R&D to serve our
users better.”
________________________1 This announcement
contains translations of certain Renminbi (RMB) amounts into U.S.
dollars (US$) at a specified rate solely for the convenience of the
reader. Unless otherwise noted, the translation of RMB into US$ has
been made at RMB6.3393 to US$1.00, the noon buying rate in effect
on March 31, 2022 as set forth in the H.10 Statistical Release of
the Federal Reserve Board.2 “Monthly active users” refers to the
number of user accounts that visited the Pinduoduo mobile app
during a given month, which does not include those that accessed
the platform through social networks and access points.3 “Active
buyers” in a given period refers to the number of user accounts
that placed one or more orders (i) on the Pinduoduo mobile app, and
(ii) through social networks and access points in that period,
regardless of whether the products and services are actually sold,
delivered or returned.4 The Company’s non-GAAP financial measures
exclude share-based compensation expenses, fair value change of
long-term investments, and interest expenses related to the
convertible bonds’ amortization to face value and gain or loss on
extinguishment. See “Reconciliation of Non-GAAP Measures to The
Most Directly Comparable GAAP Measures” set forth at the end of
this press release.
First Quarter 2022 Unaudited Financial
Results
Total revenues were RMB23,793.7
million (US$3,753.4 million), an increase of 7% from RMB22,167.1
million in the same quarter of 2021. The increase was primarily due
to an increase in revenues from online marketing services and
transaction services, offset by the decrease of revenues from
merchandise sales.
- Revenues from online
marketing services and others were RMB18,158.4 million
(US$2,864.4 million), an increase of 29% from RMB14,111.5 million
in the same quarter of 2021.
- Revenues from transaction
services were RMB5,591.4 million (US$882.0 million), an
increase of 91% from RMB2,931.5 million in the same quarter of
2021.
- Revenues from merchandise
sales were RMB43.9 million (US$6.9 million), a decrease of
99% from RMB5,124.1 million in the same quarter of 2021.
Total costs of revenues were
RMB7,159.6 million (US$1,129.4 million), a decrease of 33% from
RMB10,746.1 million in the same quarter of 2021. The decrease
mainly came from the reduction of merchandise sales partially
offset by increased fulfillment fees.
Total operating expenses were
RMB14,479.7 million (US$2,284.1 million), compared with RMB15,568.0
million in the same quarter of 2021.
- Sales and marketing
expenses were RMB11,219.1 million (US$1,769.8 million),
decreased by 14% from RMB12,997.4 million in the same quarter of
2021, mainly due to controlled spending in promotion and
advertising activities.
- General and administrative
expenses were RMB592.1 million (US$93.4 million), an
increase of 68% from RMB351.9 million in the same quarter of 2021,
primarily due to an increase in staff related costs.
- Research and development
expenses were RMB2,668.5 million (US$420.9 million), an
increase of 20% from RMB2,218.7 million in the same quarter of
2021. The increase was primarily due to an increase in headcount
and the recruitment of more experienced R&D personnel.
Operating profit was RMB2,154.4
million (US$339.8 million), compared with operating loss of
RMB4,147.0 million in the same quarter of 2021. Non-GAAP
operating profit was RMB3,677.2 million (US$580.1
million), compared with non-GAAP operating loss of RMB3,174.1
million in the same quarter of 2021.
Net income attributable to ordinary
shareholders was RMB2,599.5 million (US$410.1 million),
compared with net loss of RMB2,905.4 million in the same quarter of
2021. Non-GAAP net income attributable to ordinary
shareholders was RMB4,200.4 million (US$662.6 million),
compared with non-GAAP net loss attributable to ordinary
shareholders of RMB1,890.3 million in the same quarter of 2021.
Basic earnings per ADS was
RMB2.06 (US$0.33) and diluted earnings per ADS was
RMB1.84 (US$0.29), compared with basic and diluted net loss per ADS
of RMB2.33 in the same quarter of 2021. Non-GAAP diluted
earnings per ADS was RMB2.95 (US$0.47), compared with
non-GAAP diluted net loss per ADS of RMB1.52 in the same quarter of
2021.
Net cash used in operating
activities was RMB9,068.1 million (US$1,430.5 million),
compared with RMB3,724.5 million in the same quarter of 2021,
mainly due to seasonality changes in working capitals offset by
controlled cost and operating expenses spending.
Cash, cash equivalents and short-term
investments were RMB95.2 billion (US$15.0 billion) as of
March 31, 2022, compared with RMB92.9 billion as of December 31,
2021.
Conference Call
The Company will host a conference call to
discuss the earnings at 7:30 AM U.S. Eastern Time on Friday, May
27, 2022 (7:30 PM Beijing/Hong Kong Time on Friday, May 27,
2022).
The conference call will be webcast live at
https://investor.pinduoduo.com/investor-events. The webcast will be
available for replay at the same website following the conclusion
of the call.
Use of Non-GAAP Financial Measures
In evaluating the business, the Company
considers and uses non-GAAP measures, such as non-GAAP operating
profit or loss and non-GAAP net income or loss attributable to
ordinary shareholders, as supplemental measures to review and
assess operating performance. The presentation of these non-GAAP
financial measures is not intended to be considered in isolation or
as a substitute for the financial information prepared and
presented in accordance with accounting principles generally
accepted in the United States of America (“U.S. GAAP”). The
Company’s non-GAAP financial measures exclude share-based
compensation expenses, fair value change of long-term investments,
and interest expenses related to the convertible bonds’
amortization to face value and gain or loss on extinguishment.
The Company presents these non-GAAP financial
measures because they are used by management to evaluate operating
performance and formulate business plans. The Company believes that
the non-GAAP financial measures help identify underlying trends in
its business by excluding the impact of share-based compensation
expenses, fair value change of long-term investments, and interest
expenses related to the convertible bonds’ amortization to face
value and gain or loss on extinguishment, which is a non-cash
charge. The Company also believes that the non-GAAP financial
measures could provide further information about the Company’s
results of operations, and enhance the overall understanding of the
Company’s past performance and future prospects.
The non-GAAP financial measures are not defined
under U.S. GAAP and are not presented in accordance with U.S. GAAP.
The non-GAAP financial measures have limitations as analytical
tools. The Company’s non-GAAP financial measures do not reflect all
items of income and expenses that affect the Company’s operations
and do not represent the residual cash flow available for
discretionary expenditures. Further, these non-GAAP measures may
differ from the non-GAAP information used by other companies,
including peer companies, and therefore their comparability may be
limited. The Company compensates for these limitations by
reconciling the non-GAAP financial measures to the nearest U.S.
GAAP performance measure, all of which should be considered when
evaluating performance. The Company encourages you to review the
Company’s financial information in its entirety and not rely on a
single financial measure.
For more information on the non-GAAP financial
measures, please see the table captioned “Reconciliation of
Non-GAAP Measures to The Most Directly Comparable GAAP Measures”
set forth at the end of this press release.
Safe Harbor Statements
This announcement contains forward-looking
statements. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as “will,” “expects,” “anticipates,” “aims,”
“future,” “intends,” “plans,” “believes,” “estimates,” “confident,”
“potential,” “continue” or other similar expressions. Among other
things, the business outlook and quotations from management in this
announcement, as well as Pinduoduo’s strategic and operational
plans, contain forward-looking statements. Pinduoduo may also make
written or oral forward-looking statements in its periodic reports
to the U.S. Securities and Exchange Commission (the “SEC”), in its
annual report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to fourth parties. Statements that are not historical
facts, including but not limited to statements about Pinduoduo’s
beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: Pinduoduo’s
growth strategies; its future business development, results of
operations and financial condition; its ability to understand buyer
needs and provide products and services to attract and retain
buyers; its ability to maintain and enhance the recognition and
reputation of its brand; its ability to rely on merchants and
fourth-party logistics service providers to provide delivery
services to buyers; its ability to maintain and improve quality
control policies and measures; its ability to establish and
maintain relationships with merchants; trends and competition in
China’s e-commerce market; changes in its revenues and certain cost
or expense items; the expected growth of China’s e-commerce market;
PRC governmental policies and regulations relating to Pinduoduo’s
industry, and general economic and business conditions globally and
in China and assumptions underlying or related to any of the
foregoing. Further information regarding these and other risks is
included in Pinduoduo’s filings with the SEC. All information
provided in this press release and in the attachments is as of the
date of this press release, and Pinduoduo undertakes no obligation
to update any forward-looking statement, except as required under
applicable law.About Pinduoduo Inc.
Pinduoduo connects millions of agricultural
producers with consumers across China. Pinduoduo aims to bring more
businesses and people into the digital economy so that local
communities can benefit from the increased productivity and
convenience through new market opportunities.
For more information on Pinduoduo news and industry trends,
please visit the content hub
at https://stories.pinduoduo-global.com/.
PINDUODUO INC. CONDENSED CONSOLIDATED BALANCE SHEETS(Amounts
in thousands of Renminbi (“RMB”) and U.S. dollars (“US$”)) |
|
|
|
As of |
|
|
|
December31, 2021 |
|
March 31, 2022 |
|
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
6,426,715 |
|
7,404,992 |
|
1,168,109 |
|
Restricted cash |
|
59,617,256 |
|
44,729,000 |
|
7,055,826 |
|
Receivables from online
payment platforms |
|
673,737 |
|
600,527 |
|
94,731 |
|
Short-term investments |
|
86,516,618 |
|
87,815,868 |
|
13,852,613 |
|
Amounts due from related
parties |
|
4,250,155 |
|
3,587,349 |
|
565,890 |
|
Prepayments and other current
assets |
|
3,424,687 |
|
2,027,225 |
|
319,788 |
|
Total current
assets |
|
160,909,168 |
|
146,164,961 |
|
23,056,957 |
|
|
|
|
|
|
|
|
|
Non-current
assets |
|
|
|
|
|
|
|
Property, equipment and
software, net |
|
2,203,323 |
|
1,746,746 |
|
275,542 |
|
Intangible assets |
|
701,220 |
|
556,760 |
|
87,827 |
|
Right-of-use assets |
|
938,537 |
|
831,826 |
|
131,217 |
|
Deferred tax assets |
|
31,504 |
|
23,143 |
|
3,651 |
|
Other non-current assets |
|
16,425,966 |
|
19,395,185 |
|
3,059,515 |
|
Total non-current
assets |
|
20,300,550 |
|
22,553,660 |
|
3,557,752 |
|
|
|
|
|
|
|
|
|
Total
Assets |
|
181,209,718 |
|
168,718,621 |
|
26,614,709 |
|
PINDUODUO INC. CONDENSED CONSOLIDATED BALANCE SHEETS(Amounts
in thousands of Renminbi (“RMB”) and U.S. dollars (“US$”)) |
|
|
|
As of |
|
|
December31, 2021 |
|
March 31, 2022 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
(Unaudited) |
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
Current
liabilities |
|
|
|
|
|
|
Amounts due to related parties |
|
1,963,007 |
|
|
2,039,727 |
|
|
321,759 |
|
Customer advances and deferred
revenues |
|
1,166,764 |
|
|
1,060,656 |
|
|
167,314 |
|
Payable to merchants |
|
62,509,714 |
|
|
47,166,443 |
|
|
7,440,324 |
|
Accrued expenses and other
liabilities |
|
14,085,513 |
|
|
12,882,178 |
|
|
2,032,113 |
|
Merchant deposits |
|
13,577,552 |
|
|
13,955,037 |
|
|
2,201,353 |
|
Lease liabilities |
|
427,164 |
|
|
418,356 |
|
|
65,994 |
|
Total current
liabilities |
|
93,729,714 |
|
|
77,522,397 |
|
|
12,228,857 |
|
|
|
|
|
|
|
|
Non-current
liabilities |
|
|
|
|
|
|
Convertible bonds5 |
|
11,788,907 |
|
|
14,057,021 |
|
|
2,217,441 |
|
Lease liabilities |
|
544,263 |
|
|
453,621 |
|
|
71,557 |
|
Deferred tax liabilities |
|
31,291 |
|
|
32,069 |
|
|
5,059 |
|
Other non-current
liabilities |
|
996 |
|
|
536 |
|
|
85 |
|
Total non-current
liabilities |
|
12,365,457 |
|
|
14,543,247 |
|
|
2,294,142 |
|
|
|
|
|
|
|
|
Total
Liabilities |
|
106,095,171 |
|
|
92,065,644 |
|
|
14,522,999 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders’
equity |
|
|
|
|
|
|
Ordinary shares |
|
161 |
|
|
162 |
|
|
26 |
|
Additional paid-in
capital5 |
|
95,340,819 |
|
|
93,044,708 |
|
|
14,677,442 |
|
Accumulated other
comprehensive loss5 |
|
(2,519,900 |
) |
|
(2,651,317 |
) |
|
(418,235 |
) |
Accumulated deficits5 |
|
(17,706,533 |
) |
|
(13,740,576 |
) |
|
(2,167,523 |
) |
Total Shareholders’
Equity |
|
75,114,547 |
|
|
76,652,977 |
|
|
12,091,710 |
|
Total Liabilities and
Shareholders’ Equity |
|
181,209,718 |
|
|
168,718,621 |
|
|
26,614,709 |
|
|
|
|
|
|
|
|
________________________5 The Group adopted ASU
No. 2020-06, Accounting for Convertible Instruments and Contracts
in an Entity’s Own Equity on January 1, 2022, using the modified
retrospective method with a cumulative-effect adjustment to the
opening balances of convertible bonds, additional paid-in capital,
accumulated other comprehensive loss and accumulated
deficits.
PINDUODUO INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME/
(LOSS) (Amounts in thousands of RMB and US$) |
|
|
|
For the three months ended March 31, |
|
|
2021 |
|
2022 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Revenues |
|
22,167,099 |
|
|
23,793,689 |
|
|
3,753,362 |
|
Costs of revenues |
|
(10,746,050 |
) |
|
(7,159,595 |
) |
|
(1,129,398 |
) |
Gross
profit |
|
11,421,049 |
|
|
16,634,094 |
|
|
2,623,964 |
|
|
|
|
|
|
|
|
Sales and marketing
expenses |
|
(12,997,407 |
) |
|
(11,219,068 |
) |
|
(1,769,764 |
) |
General and administrative
expenses |
|
(351,855 |
) |
|
(592,113 |
) |
|
(93,404 |
) |
Research and development
expenses |
|
(2,218,743 |
) |
|
(2,668,507 |
) |
|
(420,947 |
) |
Total operating
expenses |
|
(15,568,005 |
) |
|
(14,479,688 |
) |
|
(2,284,115 |
) |
|
|
|
|
|
|
|
Operating (loss)/
profit |
|
(4,146,956 |
) |
|
2,154,406 |
|
|
339,849 |
|
|
|
|
|
|
|
|
Interest and investment
income, net |
|
970,477 |
|
|
796,261 |
|
|
125,607 |
|
Interest expenses |
|
(335,456 |
) |
|
(12,640 |
) |
|
(1,994 |
) |
Foreign exchange (loss)/
gain |
|
(10,374 |
) |
|
20,084 |
|
|
3,168 |
|
Other income, net |
|
470,384 |
|
|
239,770 |
|
|
37,823 |
|
(Loss)/ profit before
income tax and share of results of equity investees |
|
(3,051,925 |
) |
|
3,197,881 |
|
|
504,453 |
|
Share of results of equity
investees |
|
146,509 |
|
|
(33,616 |
) |
|
(5,303 |
) |
Income tax expenses |
|
- |
|
|
(564,814 |
) |
|
(89,097 |
) |
Net (loss)/
income |
|
(2,905,416 |
) |
|
2,599,451 |
|
|
410,053 |
|
PINDUODUO INC.CONDENSED CONSOLIDATED STATEMENTS OF INCOME/
(LOSS)(Amounts in thousands of RMB and US$, except for per share
data) |
|
|
|
For the three months ended March 31, |
|
|
2021 |
|
2022 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
Net (loss)/ income |
|
(2,905,416 |
) |
|
2,599,451 |
|
410,053 |
Net (loss)/ income
attributable to ordinary shareholders |
|
(2,905,416 |
) |
|
2,599,451 |
|
410,053 |
|
|
|
|
|
|
|
(Loss)/ earnings per
ordinary share: |
|
|
|
|
|
|
-Basic |
|
(0.58 |
) |
|
0.52 |
|
0.08 |
-Diluted |
|
(0.58 |
) |
|
0.46 |
|
0.07 |
|
|
|
|
|
|
|
(Loss)/ earnings per
ADS (4 ordinary shares equals 1 ADS): |
|
|
|
|
|
|
-Basic |
|
(2.33 |
) |
|
2.06 |
|
0.33 |
-Diluted |
|
(2.33 |
) |
|
1.84 |
|
0.29 |
|
|
|
|
|
|
|
Weighted average
number of outstanding ordinary shares (in thousands): |
|
|
|
|
|
|
-Basic |
|
4,983,530 |
|
|
5,036,733 |
|
5,036,733 |
-Diluted |
|
4,983,530 |
|
|
5,688,094 |
|
5,688,094 |
PINDUODUO INC.NOTES TO FINANCIAL INFORMATION(Amounts in thousands
of RMB and US$) |
|
|
|
|
|
For the three months ended March 31, |
|
|
2021 |
|
2022 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Revenues |
|
|
|
|
|
|
- Online marketing services and others |
|
14,111,486 |
|
18,158,425 |
|
2,864,421 |
- Transaction services |
|
2,931,475 |
|
5,591,407 |
|
882,023 |
- Merchandise sales |
|
5,124,138 |
|
43,857 |
|
6,918 |
Total |
|
22,167,099 |
|
23,793,689 |
|
3,753,362 |
PINDUODUO INC.NOTES TO FINANCIAL INFORMATION(Amounts in thousands
of RMB and US$) |
|
|
|
|
|
For the three months ended March 31, |
|
|
2021 |
|
2022 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Share-based
compensation costs included in: |
|
|
|
|
|
|
Costs of revenues |
|
4,364 |
|
9,181 |
|
1,448 |
Sales and marketing
expenses |
|
299,483 |
|
501,105 |
|
79,047 |
General and administrative
expenses |
|
191,170 |
|
383,296 |
|
60,463 |
Research and development
expenses |
|
477,792 |
|
629,168 |
|
99,250 |
Total |
|
972,809 |
|
1,522,750 |
|
240,208 |
PINDUODUO INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands of RMB and US$) |
|
|
|
|
|
For the three months ended March 31, |
|
|
2021 |
|
2022 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Net cash used in operating activities |
|
(3,724,547 |
) |
|
(9,068,096 |
) |
|
(1,430,457 |
) |
Net cash used in investing
activities |
|
(5,621,047 |
) |
|
(4,852,089 |
) |
|
(765,398 |
) |
Net cash (used in)/ generated
from financing activities |
|
(1,238,874 |
) |
|
43 |
|
|
7 |
|
Effect of exchange rate
changes on cash, cash equivalents and restricted cash |
|
51,550 |
|
|
10,163 |
|
|
1,603 |
|
|
|
|
|
|
|
|
Decrease in cash, cash
equivalents and restricted cash |
|
(10,532,918 |
) |
|
(13,909,979 |
) |
|
(2,194,245 |
) |
Cash, cash equivalents
and restricted cash at beginning of period |
|
74,843,636 |
|
|
66,043,971 |
|
|
10,418,180 |
|
|
|
|
|
|
|
|
Cash, cash equivalents
and restricted cash at end of period |
|
64,310,718 |
|
|
52,133,992 |
|
|
8,223,935 |
|
PINDUODUO INC.RECONCILIATION OF NON-GAAP MEASURES TO THE MOST
DIRECTLY COMPARABLE GAAP MEASURES(Amounts in thousands of RMB and
US$, except for per share data) |
|
|
|
|
|
For the three months ended March 31, |
|
|
2021 |
|
|
2022 |
|
|
RMB |
|
|
RMB |
|
US$ |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
(Unaudited) |
Operating (loss)/ profit |
|
(4,146,956 |
) |
|
2,154,406 |
|
339,849 |
Add: Share-based
compensation |
|
972,809 |
|
|
1,522,750 |
|
240,208 |
Non-GAAP operating
(loss)/ profit |
|
(3,174,147 |
) |
|
3,677,156 |
|
580,057 |
|
|
|
|
|
|
|
|
Net (loss)/ income
attributable to ordinary shareholders |
|
(2,905,416 |
) |
|
2,599,451 |
|
410,053 |
Add: Share-based
compensation |
|
972,809 |
|
|
1,522,750 |
|
240,208 |
Add: Interest expense related
to convertible bonds’ amortization to face value and gain or loss
on extinguishment, net |
|
318,611 |
|
|
12,640 |
|
1,994 |
Add: (Gain)/ loss from fair
value change of long-term investments |
|
(276,336 |
) |
|
65,600 |
|
10,348 |
Non-GAAP net (loss)/
income attributable to ordinary shareholders |
|
(1,890,332 |
) |
|
4,200,441 |
|
662,603 |
|
|
|
|
|
|
|
|
Non-GAAP diluted
weighted-average number of ordinary shares outstanding (in
thousands) |
|
4,983,530 |
|
|
5,688,094 |
|
5,688,094 |
|
|
|
|
|
|
|
|
Diluted (loss)/ earnings per
ordinary share |
|
(0.58 |
) |
|
0.46 |
|
0.07 |
Add: Non-GAAP adjustments to
(loss)/ earnings per ordinary share |
|
0.20 |
|
|
0.28 |
|
0.04 |
Non-GAAP diluted (loss)/
earnings per ordinary share |
|
(0.38 |
) |
|
0.74 |
|
0.12 |
Non-GAAP diluted (loss)/
earnings per ADS |
|
(1.52 |
) |
|
2.95 |
|
0.47 |
For investor and media inquiries, please contact:
Pinduoduo Inc.
investor@pinduoduo.com
internationalmedia@pinduoduo.com
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