By Michael Dabaie
Pinduoduo Inc. ADRs were up 11.5% to $66.92 in afternoon trading.
The Chinese e-commerce company reported first-quarter total revenue was 6.5 billion yuan ($923.8 million), up from CNY4.5 billion in the same quarter of 2019. The increase was primarily due to an increase in revenues from online marketing services, the company said.
Average monthly active users in the quarter were 487.4 million, up from 289.7 million in the year-ago period.
Active buyers in the 12-month period ended March 31 were 628.1 million, up from 443.3 million in the year-ago period.
Net loss attributable to ordinary shareholders was CNY4.1 billion ($581.8 million), compared with CNY1.9 billion in the same quarter of 2019.
Loss per ADS was CNY3.54 (50 cents), compared with CNY1.64 a year earlier.
Adjusted loss per ADS was CNY2.73 (39 cents).
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