Chinese social e-commerce company Pinduoduo booked RMB 10.79 billion (USD 1.55 billion) in total revenues in the fourth quarter, up by 91% year-on-year.
The fourth quarter revenue missed market predictions by USD 40 million, according to Seeking Alpha.
The company reported RMB 1.75 billion in net loss in the fourth quarter, down from the net loss of RMB 2.42 billion in the same quarter of 2018.
Gross merchandise volume (GMV) on Pinduoduo in 2019 was RMB 1,006.6 billion, an increase of 113% year-on-year, failing to surpass the GMV of JD.com as Pinduoduo founder and chairman Huang Zheng once predicted last October. According to JD.com’s latest earnings release, GMV on its platform was RMB 2,085.4 billion in 2019.
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This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.