China’s Pinduoduo Beats Quarterly Revenue Estimates



China’s Pinduoduo Inc on Friday reported better-than-expected quarterly revenue, as more people shopped online due to a resurgence in Covid-19 cases in parts of the country.

US-listed shares of the Shanghai-based company rose 7 percent in trading before the bell.

As China fights its worst outbreak of Covid-19 infections, its uncompromising “zero-Covid” policy has placed hundreds of millions of people under strict lockdown, keeping them dependent on e-commerce platforms for groceries and other items.

Pinduoduo’s business model allowing buyers to avail greater discounts when they purchase products in groups has helped it to attract consumers with less disposable income, especially in lower-tier cities, and challenge rivals including Alibaba and JD.com.

Pinduoduo’s total revenue rose 7 percent to 23.79 billion yuan ($3.55 billion) in the first quarter, compared with estimates of 20.61 billion yuan, according to IBES data from Refinitiv.

The company’s net income attributable to ordinary shareholders was 2.6 billion yuan during the quarter ended March 31, compared with a loss of 2.91 billion yuan a year ago.

By Tiyashi Datta; Editor: Maju Samuel

Learn more:

China’s Pinduoduo Revenue Disappoints as Pandemic-Led Shopping Boom Wanes

The Chinese e-commerce platform is facing a challenging environment as shoppers have returned to stores and Chinese authorities are cracking down on large tech companies.



Credit: Source link

Discover

19,463FansLike
232,230FollowersFollow
77,435FollowersFollow
13,882FollowersFollow
2,920SubscribersSubscribe

Sponsor

spot_imgspot_img

Latest

From Scrub To Brownie Chips: All The Pumpkin Spice Your Heart Desires

It may be trendy in some circle to poo-poo on pumpkin spice, but what’s wrong with a little holiday cheer? While we certainly...

The Business of Being Law Roach

LOS ANGELES — Law Roach is sitting in his Los Angeles home on a warm summer morning swathed in an S.R Studio robe...

Britney Spears has deleted her Instagram account again

Singer Britney Spears has deleted her Instagram account. It is reported by...

A Celeb Groomer Shares the Derm-Beloved Drugstore Brand That Prepped Seth Meyers’ Skin Last Night

When Seth Meyers stepped out on the Emmys’ red carpet last night to celebrate his nomination, he had the help of a...

The Innovative Technique that Gives Former Facelift Patients Their Results Back

Currently, nonsurgical interventions such as dermal fillers like Juvéderm, Restylane and Radiesse, and neurotoxins like Botox Cosmetic and Xeomin get most of the...
en English
X