Pinduoduo’s online marketing services business lifted total revenue more than threefold to 22.17 billion yuan ($3.47 billion) in the first quarter. analysts predicted revenue of 20.2 billion yuan ($3.16 billion). In the 12-month period ending in March, Pinduoduo’s active purchasers increased by 31% to almost 824 million, beating Alibaba’s 811 million. Pinduoduo’s stock jumped more than 5% in pre-market trade on Wednesday, after falling over 40% from its highs this year. The Shanghai-based company has led China’s adoption of social e-commerce, which melds online shopping with social media and allows buyers to reap greater discounts when shopping in bigger groups,...