On August 21, Pinduoduo, an innovative and fast growing “new e-commerce” platform and one of the leading Chinese e-commerce players, announced its unaudited financial results for the second quarter that ended June 30, 2019.
In the second quarter Pinduoduo’s total revenues were 7.29 billion yuan ($1.06 billion), an increase of 169% from 2.71 billion yuan in the same quarter of 2018. The increase was primarily due to an increase in revenues from online marketing services.
“We are pleased with our results in the second quarter of 2019,” said Mr. Zheng Huang, Chairman and CEO of Pinduoduo. “Putting users’ interests first, we worked with our merchants to provide our users with a targeted, compelling value proposition on their most coveted items. This unwavering focus on our users contributed to the significant increase in our annual active buyer base and annual spending per active buyer, which together led to the 171% increase in our last-twelve-month GMV to 709.1 billion yuan.”
Average monthly active users (MAU) in the quarter were 366.0 million, an increase of 88% from 195.0 million from the same period last year.
“We plan to continue investing strategically in our users and merchants in 2019 to drive further engagement.” concluded David Liu, Pinduoduo’s vice president of strategy.