China's Pinduoduo Beats Quarterly Revenue Estimates

Reuters2022-08-29

Aug 29 (Reuters) - Pinduoduo Inc reported quarterly revenue above Street's estimates on Monday, as a strict lockdown in several COVID-hit Chinese cities kept up demand for online shopping.

U.S.-listed shares of the Shanghai-based company rose 8% in trading before the bell.

"We saw a recovery in consumer sentiment in the second quarter especially during the 618 shopping festival," said Chief Executive Officer Lei Chen.

The company, which encourages users to share their purchases on messaging platforms to get cheaper prices, is also increasingly focusing on international expansion, with its plans to launch a cross-border e-commerce platform targeting the United States as its first market, reported Reuters.

Peers JD.com Inc, and Alibaba,also beat expectations earlier this month.

Pinduoduo's total revenue stood at 31.44 billion yuan ($4.55 billion) in the quarter ended June 30, compared with Street's estimate of 23.68 billion yuan, according to Refinitiv data.

Pinduoduo's net income attributable to ordinary shareholders was 8.9 billion yuan during the quarter, compared with 2.41 billion yuan, a year ago.

($1 = 6.9159 Chinese yuan renminbi)

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2022-08-29
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