PDD Holdings Inc. American Depositary Shares - PDD STOCK NEWS

Pinduoduo (PDD) announced a new "10 Billion Agriculture Initiative" aimed at addressing critical agricultural needs in China. Profits from Q2 and future earnings will fund the initiative, which seeks to enhance agritech, promote digital inclusion, and support agricultural workers. While this initiative may impact short-term earnings per share, it has the backing of the Board of Directors and will be overseen by CEO Chen Lei. The company emphasizes that it will invest in this effort patiently, with a commitment to fulfill the 10 billion yuan target.

Pinduoduo Inc. (PDD) reported an impressive 89% increase in second-quarter revenue, reaching 23 billion yuan (approximately US$3.6 billion) due to higher consumer engagement. The platform now boasts 849.9 million active users placing orders. To further enhance agricultural support, Pinduoduo is launching a 10 Billion Agriculture Initiative, focusing on agritech and rural development, though this may affect short-term earnings. The initiative is backed by the board and aims to improve food security and sustainability.

Pinduoduo Inc. (NASDAQ: PDD) reported strong financial results for Q2 2021, with total revenues reaching RMB23,046.2 million (US$3,569.4 million), a remarkable 89% increase year-over-year. Average monthly active users climbed 30% to 738.5 million, while active buyers rose 24% to 849.9 million. The company achieved an operating profit of RMB1,997.5 million (US$309.4 million), contrasting with a loss in the same quarter of 2020. Net income attributable to ordinary shareholders was RMB2,414.6 million (US$374.0 million), compared to a loss of RMB899.3 million last year.

Pinduoduo partners with Bayer Crop Science for the Smart Agriculture Competition, focusing on developing innovative models for tomato cultivation. The competition, running from August 2021 to March 2022, invites global teams to enhance tomato yield and nutrition using advanced agricultural technologies.

Last year's event saw technology teams outperform traditional growers, producing 196% more strawberries by weight. Bayer will supply the seeds and expertise for this year's competition, aiming to inspire young talent in agricultural innovations.

Pinduoduo (NASDAQ: PDD) partners with Wageningen University and Research for the 2021 Smart Agriculture Competition aimed at enhancing agricultural efficiency. The competition, spanning from August 2021 to March 2022, encourages global teams to develop high-yield tomato cultivation techniques using automation and precision technology. With a prize pool over 1 million yuan, the initiative promotes sustainable farming practices and aims to deploy automated solutions in agriculture to improve farmers' livelihoods. The previous competition resulted in a 196% yield increase for technology teams compared to traditional farming methods.

Pinduoduo Inc. (NASDAQ: PDD) is set to release its unaudited financial results for Q2 2021 on August 24, 2021, before U.S. markets open. The announcement will be followed by an earnings conference call at 7:30 AM ET, which will be available for live webcast. Pinduoduo is a mobile-only marketplace connecting agricultural producers to consumers in China, focusing on enhancing digital economy engagement for local communities.

Pinduoduo (NASDAQ: PDD) partners with China Agricultural University to co-organize the second annual Smart Agriculture Competition, promoting innovation in agriculture through algorithms and agronomy. The competition focuses on developing cost-effective technology to enhance farmers’ productivity sustainably. This year's challenge involves cultivating tomatoes, with judges evaluating yield, cost-effectiveness, nutritional profile, and environmental sustainability. The inaugural competition showcased impressive results, with technology teams producing 196% more strawberries than traditional methods.