Chinas Pinduoduo Inc reported better-than-expected quarterly revenue on Friday as more people shopped online due to a resurgence in Covid-19 cases in parts of the country.
U.S.-listed shares of the Shanghai-based company rose 7% in trading before the bell.
As China battles its worst outbreak of Covid-19 infections, its no-compromise zero Covid policy has placed hundreds of millions of people under strict lockdown, making them dependent on e-commerce platforms for groceries and d other items.
Pinduoduos’ business model of allowing shoppers to enjoy greater discounts when purchasing products in groups has helped it attract consumers with lower disposable income, especially in lower-tier cities, and challenge rivals. such as Alibaba and JD.com.
Pinduoduos’ total revenue rose 7% to 23.79 billion yuan ($3.55 billion) in the first quarter from estimates of 20.61 billion yuan, according to IBES data from Refinitiv. .
The company’s net profit attributable to common shareholders was 2.6 billion yuan in the quarter ended March 31, compared with a loss of 2.91 billion yuan a year ago.
By Tiyashi Datta; Publisher: Maju Samuel
Pinduoduo’s revenue in China disappoints as pandemic-driven shopping boom wanes
China’s e-commerce platform is facing a tough environment as shoppers have returned to stores and Chinese authorities are cracking down on big tech companies.
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