The revenue of the Chinese discounter PDD Holdings almost doubled – Kommersant
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PDD Holdings reported on Tuesday, November 28, reporting third-quarter revenue growth of 94% year-over-year. It amounted to 68.8 billion yuan ($9.44 billion). The net profit of the owner of popular online discounters Pinduoduo and Temu grew by 47% to 15.54 billion yuan ($2.13 billion), and revenue from transactions by 315%.
PDD Holdings is one of the largest online retailers in China, which a couple of years ago managed to surpass Alibaba Group in terms of the number of active users. In addition, the owner of Pinduoduo has been significantly ahead of its main competitor in the online trading market in recent years in terms of revenue growth, which indicates an increased attention of users to discounted goods in difficult economic conditions. Thus, according to the results of the third quarter, Alibaba’s revenue grew by only 9% (versus 94% for PDD).
However, PDD cannot yet compete with Alibaba in terms of revenue. The corporation, founded by Jack Ma, had revenues of 224.8 billion yuan ($30.8 billion) in the reporting quarter.
After successful reporting, PDD Holdings shares jumped in price by more than 18%.
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