Pinduoduo reports revenue of 12.19 billion yuan in 2020 Q2

The financial report shows that in the second quarter of 2020, Pinduoduo achieved revenue of 12.193 billion yuan, an increase of 67% from the 7.290 billion yuan in the same period in 2019, which was higher than the market’s consensus of 12.16 billion yuan.

On August 21, Pinduoduo announced its second quarter 2020 financial report.

The financial report shows that in the second quarter of 2020, Pinduoduo achieved revenue of 12.193 billion yuan, an increase of 67% from the 7.290 billion yuan in the same period in 2019, which was higher than the market’s consensus of 12.16 billion yuan.

At the same time, the platform’s losses in the second quarter narrowed significantly. Based on non-general accounting standards, its net loss attributable to ordinary shareholders was 77.24 million yuan, compared with a net loss of 411 million yuan in the same period last year.

The financial report shows that as of the end of June, the average annual consumption of active buyers on the platform reached 1,857 yuan, an increase of 27% from 1467.5 yuan in the same period last year.

In the first 12 months ending June 30, Pinduoduo’s GMV reached 1,268.7 billion yuan, an increase of 79% from 709.1 billion yuan in the same period in 2019.

Data show that the number of monthly active users in the second quarter of 2020 is 568.8 million, an increase of 55% year-on-year.

As of June 30, 2020, the number of annual active buyers of Pinduoduo reached 683.2 million, an increase of 41% year-on-year. In the second quarter, a single quarterly increase of 55.1 million was the largest single-quarter increase since its listing.

Disclaimer: This is an article created by Michael Liang for Chinasdg.org. You can find the original article here: https://chinasdg.org/2020/08/21/pinduoduo-reports-revenue-of-12-19-billion-yuan-in-2020-q2/.

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