China's e-commerce platform Pinduoduo reports 130-pct revenue surge in 2019

Source: Xinhua| 2020-03-11 19:43:47|Editor: huaxia

SHANGHAI, March 11 (Xinhua) -- China's fast-growing online group discounter Pinduoduo Inc. on Wednesday unveiled its unaudited 2019 financial results, posting a robust growth in total revenue which amounted to 30.14 billion yuan (about 4.34 billion U.S. dollars), up 130 percent year on year.

The e-commerce platform's gross merchandise volume in the 12-month period ended Dec. 31 was 1.01 trillion yuan, representing an increase of 113 percent from that of last year.

In the fourth quarter of 2019, the Nasdaq-listed company saw a narrower operating loss of 2.14 billion yuan, compared to 2.79 billion yuan in the previous quarter and 2.64 billion yuan in the fourth quarter of 2018.

Its active buyers in the same period expanded by 40 percent year on year to reach 585.2 million, with annual spending per active buyer growing to 1,720.1 yuan from 1,126.9 yuan in the previous year.

Founded in 2015, Pinduoduo is known for offering bulk purchase deals with big discounts and enjoys a huge consumer base in rural areas and small cities.