Pin(duoduo)ing A 1-Year High

Shares of Chinese e-commerce company Pinduoduo rose to a 1-year high after beating earnings expectations.

The company saw revenue growth of 65% YoY to $4.99 billion, beating expectations of $4.31 billion. Revenues from online marketing services rose 58%, transactions services 102%, and merchandise sales fell 31%. With that said, its merchandise sales are not a material business line for them. 😮

It also posted a non-GAAP operating profit of $1.729 billion, a 277% YoY jump. From that, it generated $1.64 billion in operating cash flow.

Much like other e-commerce players in China, the company continues to invest in long-term growth despite being weighed down by Covid lockdowns. Investors cheered the positive results and continued to focus on the future. 👍

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Homebuilder KB Home and another name brought home the goods after hours, reporting better-than-expected results. 👍

KB Home reported first-quarter earnings per share of $1.45, down $0.02 YoY. Analysts had expected $1.17 per share. Meanwhile, revenues of $1.38 billion also topped estimates of $1.32 billion, falling $0.02 billion YoY. 💪

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Tech’s Revenue Slowdown Continues

Chinese e-commerce giant posted better-than-expected fourth-quarter earnings and revenue. However, its weak outlook left investors hoping for more. 🙁

The company’s adjusted earnings per share of $0.70 and revenues of $42.80 billion topped the expected $0.51 and $42.53 billion.

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