Pinduoduo's 2024 Q2 Performance Revenue and Profit Up but Stock Price Drops

TapTechNews August 26th news, Pinduoduo released its second quarter 2024 performance announcement today. Revenue and net profit increased by 86% and 144% respectively year-on-year. However, the US stock price gave a reverse response.

As of TapTechNews' posting, the US stock price of Pinduoduo has dropped by more than 29% to $98.290, and the market capitalization has reached 136.5 billion US dollars (TapTechNews note: currently about 972.661 billion RMB).

According to the previously announced financial report, in the second quarter of this year, Pinduoduo's revenue was 97.06 billion RMB, and the revenue in the same quarter of the previous year was 52.28 billion RMB, with a year-on-year increase of 86%. The net profit attributable to common shareholders of the company was 32.01 billion RMB, with a year-on-year increase of 144%.

Pinduoduo's revenue from online marketing services and other services was 49.12 billion RMB, an increase of 29% year-on-year. The revenue from transaction services in the second quarter was 47.94 billion RMB, an increase of 234% year-on-year.