Pinduoduo‘s revenue reached US$3.75 billion in the first quarter of 2022, marking a 7% year-over-year revenue growth for Chinese ecommerce player compared with the same quarter in 2021.
Photo credit: Pinduoduo
Net profit during the March quarter was US$410.1 million compared with net loss of US$433 million in the same quarter of 2021.
The company’s operating profit was US$339.8 million compared with operating loss of US$619 million during the period in the previous year.
Chairman and CEO Lei Chen said Pinduoduo remains “focused on making long-term investments in agriculture.” The company connects millions of agri-producers with consumers across China.
Pinduoduo’s average monthly active users in the quarter was 751.3 million, a 4% uptick from 724.6 million in the same quarter of 2021.
“At this current scale, it is inevitable for us to see slower growth,” said Jun Liu, the company’s vice president of finance.
Currency converted from Chinese yuan to US dollar: US$1 = 6.6 yuan.
See also: The Pinduoduo model takes hold in India
Editing by Eileen C. Ang
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
