Pinduoduo's Q1 net profit surged 202% year on year, and revenue increased 131%. Target fell 10%, the biggest drop since November 2022.
On Wednesday, May 22, the three major US stock indexes had mixed ups and downs. The Dow fell 0.15%, the S&P 500 index fell 0.08%, and the NASDAQ fell 0.08%.
Pinduoduo rose more than 4%, with a total market value of US$21.2 billion. According to the financial report just released, Pinduoduo's revenue for the first quarter was 86.81 billion yuan, with the market estimated at 76.86 billion yuan, up 131% year on year; adjusted net profit was 30.6 billion yuan, and the market estimated 15.53 billion yuan, up 202% year on year.
Among the “Seven Sisters” of the US stock market, Nvidia declined slightly, and the company will release a performance report after the market. Tesla fell more than 2%.
Target once fell 10%, the biggest drop since November 2022.
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