China's Pinduoduo Inc beat first-quarter revenue estimates on Friday as more people shopped on its e-commerce platform during coronavirus lockdowns that have shut most brick-and-mortar outlets.
- China’s Pinduoduo Inc beat first-quarter revenue estimates on Friday as more people shopped on its e-commerce platform during coronavirus lockdowns that have shut most brick-and-mortar outlets.
The growth rate of active buyers in the 12 months ended March remained robust, reaching 628 million, representing an increase of 42% year on year. It took PDD only five years to raise the number above 600 million, further narrowing the gap with competitor Alibaba Group that reported on Friday that annual active consumers reached 726 million by end of March.
The e-commerce company known for its deep discounts, said revenue rose 44% to 6.54 billion yuan , beating estimates of 4.97 billion yuan, according to IBES data by Refinitiv.
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