Global Statistics

All countries
548,935,393
Confirmed
Updated on June 26, 2022 8:11 pm
All countries
520,723,315
Recovered
Updated on June 26, 2022 8:11 pm
All countries
6,350,765
Deaths
Updated on June 26, 2022 8:11 pm
Saturday, August 13, 2022

Global Statistics

All countries
548,935,393
Confirmed
Updated on June 26, 2022 8:11 pm
All countries
520,723,315
Recovered
Updated on June 26, 2022 8:11 pm
All countries
6,350,765
Deaths
Updated on June 26, 2022 8:11 pm
Molderizer and Safe Shield

China’s Pinduoduo beats quarterly revenue estimate, warns of slower growth

Workers without paid leave lost $28 billion in wages during Covid-19

Families, parents and caregivers call on Congress to include paid family and medical leave in the Build Back Better legislative package during an...

OHSU coronavirus (COVID-19) response | OHSU News

Aerial of OHSU. (OHSU/Aaron Bieleck) As of Friday, August 12 Patients hospitalized with COVID-19 OHSU: 21 Hillsboro Medical Center: 4 OHSU Hospital and OHSU...

42 Illinois counties at “high” risk for COVID-19; 17 fewer counties than last week – Shaw Local

The Illinois Department of Public Health announced Friday that 42 counties in the state are considered “high” risk for COVID-19, down from 59 a week...


The logo of Chinese e-commerce platform Pinduoduo Inc. is displayed next to a mobile phone, in this illustration picture taken March 22, 2022. REUTERS/Florence Lo/Illustration

Register now for FREE unlimited access to Reuters.com

May 27 (Reuters) – Chinese e-commerce platform Pinduoduo Inc (PDD.O) on Friday reported better-than-expected quarterly revenue, as more people shopped online due to a resurgence in COVID-19 cases in parts of the country.

U.S.-listed shares of the Shanghai-based company rose by nearly 10% at one point in pre-market trade ahead of Wall Street’s opening bell.

However, the firm warned that its growth rate might slow due to adjustments to its business strategy that are underway.

Register now for FREE unlimited access to Reuters.com

“We have been going through an adjustment of our development strategy to focus more on technology and agriculture in order to pursue long-term, high-quality growth,” said Chen Lei, chairman and chief executive of Pinduoduo, on a call with analysts.

“It will take time to bear fruit… in the process, our growth rate might be affected.”

As China fights its worst coronavirus outbreak since March, its uncompromising “zero-COVID” policy has placed hundreds of millions of people under strict lockdown.

Government enforced control measures continued to disrupt logistics in China in April, hurting e-commerce sellers’ ability to deliver purchases.

“While the situation seemed to have stabilised in April, we believe Pinduoduo’s gross merchandise value growth recovery will be subject to China’s COVID-19 control policies,” said a research report by investment bank China Renaissance earlier this month.

Pinduoduo’s business model allowing buyers to benefit from greater discounts when they purchase products in groups has helped it to attract consumers with less disposable income, especially in lower-tier cities, and challenge rivals including Alibaba and JD.com .

Total revenue rose 7% to 23.79 billion yuan ($3.55 billion) in the first quarter, compared with estimates of 20.61 billion yuan, according to IBES data from Refinitiv.

The company’s net income attributable to ordinary shareholders was 2.6 billion yuan during the quarter ended March 31, compared with a loss of 2.91 billion yuan a year ago.

On an adjusted basis, the interactive e-commerce platform earned 2.95 yuan per share, compared to Wall Street estimates of 1.68 yuan per share, according to Refinitiv IBES data.

($1 = 6.7060 Chinese yuan renminbi)

Register now for FREE unlimited access to Reuters.com

Reporting by Tiyashi Datta in Bengaluru; Sophie Yu in Beijing; Editing by Kirsten Donovan

Our Standards: The Thomson Reuters Trust Principles.



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Popular

Workers without paid leave lost $28 billion in wages during Covid-19

Families, parents and caregivers call on Congress to include paid family and medical leave in the Build Back Better legislative package during an...

OHSU coronavirus (COVID-19) response | OHSU News

Aerial of OHSU. (OHSU/Aaron Bieleck) As of Friday, August 12 Patients hospitalized with COVID-19 OHSU: 21 Hillsboro Medical Center: 4 OHSU Hospital and OHSU...

42 Illinois counties at “high” risk for COVID-19; 17 fewer counties than last week – Shaw Local

The Illinois Department of Public Health announced Friday that 42 counties in the state are considered “high” risk for COVID-19, down from 59 a week...

Related Articles

Workers without paid leave lost $28 billion in wages during Covid-19

Families, parents and caregivers call on Congress to include paid family and medical leave in the Build Back Better legislative package during an...

OHSU coronavirus (COVID-19) response | OHSU News

Aerial of OHSU. (OHSU/Aaron Bieleck) As of Friday, August 12 Patients hospitalized with COVID-19 OHSU: 21 Hillsboro Medical Center: 4 OHSU Hospital and OHSU...

42 Illinois counties at “high” risk for COVID-19; 17 fewer counties than last week – Shaw Local

The Illinois Department of Public Health announced Friday that 42 counties in the state are considered “high” risk for COVID-19, down from 59 a week...