Pinduoduo reports strong growth
Company executives of Pinduoduo celebrate as the company gets listed on the Nasdaq on July 26. [from China Daily]
The hugely contentious online discounter Pinduoduo Inc reported strong growth in the third fiscal quarter, sweeping away many of the market doubts that have been lingering since its initial public offering on the Nasdaq.
According to unaudited fiscal results released on Wednesday, Pinduoduo's total revenue reached $491 million by the end of the third quarter that ended on Sept 30, up 697 percent year-on-year. Its gross merchandize volume surged 386 percent from a year earlier to reach $50.2 billion. The number of average monthly active users in the third quarter was 231.7 million, up 226 percent year-on-year.
Take a listen to the discussion between Liu Min and Ryan Price, hosts from Studio+, a daily talk show produced by China Plus.