BUSINESS E-commerce firm Pinduoduo sees 67% revenue growth in Q2

BUSINESS

E-commerce firm Pinduoduo sees 67% revenue growth in Q2

Xinhua

13:58, August 23, 2020

People are seen at their desks at the headquarters of Chinese online group discounter Pinduoduo in Shanghai, in this July 25, 2018 file photo. (Photo: Agencies)

SHANGHAI -- Chinese e-commerce platform Pinduoduo Inc posted 67-percent year-on-year revenue growth in the second quarter (Q2) of 2020, with a soaring number of active buyers during the period.

Total revenue in the quarter was 12.2 billion yuan (about $1.7 billion), according to its unaudited financial results for the second quarter, which were released on Friday.

The Non-GAAP net loss from April to June was 77.2 million yuan, narrowing significantly compared with 411.3 million yuan in the same quarter of 2019.

In the 12 months ending June 30, the number of active buyers was 683.2 million, an increase of 41 percent from the 12-month period up to June 2019. The number of new active buyers during the quarter reached 55.1 million, a record high since the company went public, the results show.

Founded in 2015, the e-commerce platform is known for offering bulk purchase deals with big discounts and enjoys a huge consumer base in rural areas and small cities. It started trading on the Nasdaq Stock Market in July 2018.

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