On August 26, Pinduoduo's U.S. stocks opened with a sharp drop of 21.2%. By the close of the day, the decline had reached 28.51%, setting the largest single-day drop since its listing. Its market value "evaporated" by more than US$55 billion (about RMB 392 billion) to US$138.9 billion (about RMB 989.9 billion).
The occurrence of this scene may have to start from the second country code philippines mobile quarter financial report before the opening.
In fact, Pinduoduo still maintained an upward trend in Q2 2024 and performed well. The financial report shows that the total revenue was 97.06 billion yuan, an increase of 86% year-on-year, and the net profit attributable to Pinduoduo's ordinary shareholders was 32.009 billion yuan, an increase of 144% year-on-year; not in accordance with US generally accepted accounting principles, the net profit attributable to Pinduoduo's ordinary shareholders was 34.4321 billion yuan, an increase of 125% year-on-year.
However, this financial report, which showed year-on-year growth, was "cut" when compared with the previous month.
On the one hand, it was not as expected.
Previously, according to Bloomberg analysts' expectations, Pinduoduo's Q2 revenue was 99.99 billion yuan, but the actual Q2 total revenue was nearly 3 billion yuan lower than market expectations. In the previous quarter, Pinduoduo's total revenue exceeded market expectations by nearly 10 billion yuan. Looking back further, this situation of being lower than market expectations had never occurred in the previous four quarters.