Pinduoduo shares rise by ~6% after Q1 results
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Chinese e-commerce platform Pinduoduo (NASDAQ:PDD) rose by ~6% after reporting Q1 results.
PDD reported Q1 non-GAAP EPADS of $0.47, beats by $0.20, and revenue of $3.75B (+7.0% Y/Y), beats by $670M.
The company attributed the increase mainly to an increase in revenue from online marketing services and transaction services, offset by the decrease in revenue from 1P trials.

Meanwhile, the shares of peers, MercadoLibre (MELI) and Coupang (CPNG), rose
significantly after reporting an increase in revenue of 63% and 22%, respectively.
"We have been going through adjustments and development strategies to focus more on technology and agriculture in order to pursue long-term high-quality growth," CEO Chen Lei said during the company's Q1 earnings call.
"While it takes time for the final results to bear fruit and in the process our growth rate might be affected," Lei said.