Pinduoduo posted a revenue of US$4.6 billion for the June quarter, an increase of 36% from the same quarter of 2021, reflecting a recovery in consumer sentiment.
Photo credit: Pinduoduo
Quarterly net income attributable shot up a whopping 268% to US$1.3 billion from a year ago. Operating profit came in at US$1.2 billion – a 335% gain.
“We saw a recovery in consumer sentiment in the second quarter especially during the 618 shopping festival, a reflection of the resilience of overall consumption,” said Lei Chen, chairman and CEO of Pinduoduo.
The Chinese ecommerce titan is set to overtake rivals JD.com and Alibaba in terms of gross merchandise value (GMV) growth by 2024, according to a Morgan Stanley report. Pinduoduo is also planning to make a cross-border foray into the US, a market dominated by Amazon.
Pinduoduo committed to continue investing in areas such as agriculture and R&D.
See also: The Pinduoduo model takes hold in India
Editing by Arpit Nayak
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