China's Pinduoduo beats quarterly revenue estimates
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PINDUODUO Inc reported quarterly revenue above the street’s estimates on Monday (Aug 29), as a strict lockdown in several Covid-hit Chinese cities kept up demand for online shopping.
US-listed shares of the Shanghai-based company rose nearly 7 per cent 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 lower 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 (S$6.35 billion) in the quarter ended Jun 30, compared with the street’s estimate of 23.68 billion yuan, according to Refinitiv.
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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. REUTERS
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