China’s Pinduoduo reported better-than-expected quarterly earnings as more people shopped online due to a resurgence of coronavirus outbreaks in parts of the country.
The company’s share in the US is up 7% in pre-conference trading.
The company’s business model allows buyers to take advantage of higher discounts when buying products in groups, and has helped it attract lower-income consumers, and challenge competitors such as Alibaba and JD.com.
Pinduoduo’s revenue rose 7% to 23.79 billion yuan ($ 3.55 billion) in the first quarter, compared with estimates for 20.61 billion yuan.
Net income stood at 2.6 billion yuan in the quarter to March 31, compared with a loss of 2.91 billion yuan a year ago.
Source: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
