News Snapshot:
Pinduoduo pledges $1.5 billion profit to Chinese farmers Bank & Insurance By Jacky Last updated Aug 24, 2021 Share (Bloomberg) — Pinduoduo Inc. posted its first-ever quarterly profit as a publicly traded company, pledging Tuesday to donate that and future earnings to agricultural development until it gives away a total of 10 billion yuan ($1.5 billion). China’s largest online retailer by consumer reported that June quarter sales rose a less than 89% to 23 billion yuan, compared to the average of 26.7 billion yuan according to analyst estimates. Net profit was 2.4 billion yuan, compared to a net loss of...
