Russki speakers: Please parse this for me

Factual Questions
1

I have taken a year’s worth of Conversational Russian at a local community college. Of course, the class mostly dealt with “Where is the train? Do you have a restroom? Which way to the hotel?” and other such. There were mostly phrases, rather than proper grammar elements stressed, and, of course, a bunch of goobers wasting time, and who did not even bother to study, so, the class was about typical for a conversational language class (I guess). And the book didn’t overly stress learning how to construct proper endings so much as getting the question/statement right. My time right now is extremely limited, so I cannot take time to go to a proper class to get the grammar basics, and I’m wanting to go through the Conversational book before hitting heavier stuff.

At any rate, my questions:

The phrase “Davaite pochitaem” is translated as meaning “Let’s Read”. Now, I’m seeing the -ite ending for ‘davaite’ as being the 2nd person plural, and the -em ending for pochitaem as being 1st person plural, so, 1. Am I correct, or am I overlooking something, and 2. If I am correct, what exactly does it mean, hyper-literally? (Such as “Let us you read”).
Also: The po- prefix: I see it a lot on verbs, and the text seems to indicate that it’s just a prefix for some kind of action verb, but, I’m a bit dubious on that.

Can you help?

Thx,
handsomeharry

2

Davaite is the plural imperative form of the verb давать which means “to give.”
It has acquired a lot of various colloquial meanings.
The prefix по is a bit confusing and can depend on context. In some contexts it is used to form the perfective aspect of a verb. The perfective aspect denotes that the action has been completed rather than being an on-going action. However in this context, it denotes duration. When it denotes duration it means something like “for a while” or “a bit.”

So hyperliterally the phrase would mean “Give! We’ll read for a while.”

3

By the way, the perfective aspect of “to read” would be прочитать, so the second person plural would be прочитаем. Confusingly, some verbs use the prefix по to form the perfective.

4

Thank you!