Menu
KrASIA
News

Pinduoduo beats expectations, but losses continue to swell

Written by Robert Published on 

Share
The company’s business model of letting users whip up friends to buy in bulk is a hit.

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.

Share

You might like these

  • News

    Adtech firm AnyMind expands direct-to-consumer business with another acquisition

    By 

    Ursula Florene

    25 Jan 2021    02:00 AM

KrASIA InsightsKrASIA Insights

  • Beijing-based SaaS firm Aibee digitizes “space, people, and products” for brick-and-mortar retailers.

    Insights

    This firm digitizes offline shopping: Inside China’s Startups 

    By Wency Chen

    23 Jan 202101:05 AM

Most PopularMost Popular

See All