Pinduoduo reports 89 per cent jump in sales, pledges $1.5 billion profits to Chinese farmers
STOCKS
Pinduoduo reports 89 per cent jump in sales, pledges $1.5 billion profits to Chinese farmers
STOCKS

Pinduoduo reports 89 per cent jump in sales, pledges $1.5 billion profits to Chinese farmers

 

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Pinduoduo posted its first-ever quarterly net profit as a public company and pledged on Tuesday to donate those and future earnings toward the development of agriculture until it has given away a total of 10 billion yuan ($1.5 billion).

China’s largest online retailer by consumers reported that sales jumped a less-than-expected 89 per cent to 23 billion yuan in the June quarter, compared with the 26.7 billion yuan average of analyst estimates. Net income was 2.4 billion yuan, compared with a net loss of 899 million yuan a year earlier . . .

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