Pinduoduo’s share boosted as the quarterly profit beat expectations
Posted On November 2, 2020
The group-buying e-commerce leader Pinduoduo has seen its revenue in the third quarter climbing to RMB 14.2 billion ($2.1 billion), up from RMB 7.5 billion for the same period in 2019 with an 89% growth year-on-year. The platform’s annual active user number reached 731 million as of the 30th of September, which is on par with its major rival Alibaba’s 757 million. The better-than-expected financial report has renewed investor confidence and its share prices rocketed 20% in New York.