Pinduoduo Inc (PDD), China’s largest online retailer by consumers reported sales reported a surprise second-quarter profit with revenue nearly doubled!
This the firm’s first ever quarterly net profit as a listed company.
The company swung to net income of RMB2.41 billion ($373.97 million) this quarter, compared to a loss of RMB899.35 million YoY. Non-GAAP net income attributable to ordinary shareholders in the quarter was RMB4,125.3 million (US$638.9 million), compared with non-GAAP net loss of RMB77.2 million in the same quarter of 2020.
Revenue surged 89.0% to RMB23.05 billion ($3.57 billion), with Average monthly active users increasing 30% to 738.5 million and active buyers in the 12-month period ended June 30 increased 24% to 849.9 million.
As of End June 2021, PDD has 92,181 million yuan of cash, cash equivalents and short-term investments.
PDD pledge to commit this and future earnings towards the development of agriculture until it has given away a total of 10 billion yuan (USD1.5 billion).