Pinduoduo, one of the leading Chinese e-commerce players, today announced its unaudited financial results for the third quarter ended September 30, 2019.
Gross Merchandise Volume (GMV) in the twelve-month period that ended September 30 this year was 840.2 billion yuan ($117,5 billion), an increase of 144% from 344.8 billion from the same period last year. Additionally, total revenues in the quarter reached 7.5 billion yuan ($1,1 billion), an increase of 123% from 3.3 billion yuan in the same quarter of 2018.
“We celebrated our fourth anniversary in early October with an annual active buyer base exceeding half a billion for the twelve-month period ended September 30, 2019,” said Zheng Huang, Chairman and Chief Executive Officer of Pinduoduo. “[We] stepped our marketing up a notch from the second half of September for the launch of our anniversary sale. This has added to our steady momentum of user growth as our average monthly active users grew by 64 million from the prior quarter to reach 430 million.“
According to the financial report, Pinduoduo’s average monthly active users in the quarter were 429.6 million, an 85% increase from 231.7 million in the same quarter of 2018.
Vice President of Strategy David Liu shared his thoughts about how Pinduoduo can continue to develop: “While we continue to invest in sales and marketing, we also maintain a healthy cash position, with positive operating cashflows and over 40.3 billion yuan in cash, cash equivalents and short-term investments. This puts us in a good position to make the necessary investments for our long-term growth.”