Tencent-backed e-commerce platform Pinduoduo announced its first quarter financial results for this year. The company’s total revenue reached RMB 4.55 billion (USD 677.3 million), up 228% from RMB 1.38 billion in the same period last year, beating market expectations of RMB 4.13 billion.
Net losses, meanwhile, reached RMB 1.88 billion, a 39% year-on-year increase from RMB 201 million, outperforming the RMB 2.715 billion estimate.
Gross merchandise volume, or total sales, on Pinduoduo’s platform hit RMB 557.4 billion during the 12-month period up to March 2019, a 181% year-on-year increase from RMB 198.7 billion.
Over the same 12-month period, the company serviced 443.3 million active buyers, up 50% from the same time span ending March 31, 2018.
The company also counted 289.7 million active users across its platform, up 74% from 166.2 million from the first three months of 2018.