China's emerging e-commerce platform Pinduoduo posted revenue of around RMB 14.21 billion in the third quarter, up 89 percent year-on-year. Driven by strong revenue, Pinduoduo achieved its first quarterly profit since its IPO, according to the company's earnings report released on November 12.
Under NON-GAAP, Pinduoduo's net income attributable to ordinary shareholders for the third quarter was RMB 466.4 million.
For the 12-month period ending September, Pinduoduo's GMV reached $145.76 billion, up 73% from the same period last year.
While annual active buyer size remained strong, Pinduoduo's average annual active buyer spending grew further to RMB 1,931.1 yuan, up 27% from the same period last year.
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In the third quarter, Pinduoduo's sales and marketing expenses were approximately RMB 10.072 billion, an increase of 46% from the same period last year.
Strong cash flow also continued to support Pinduoduo's rapid growth. As of the end of September, Pinduoduo's cash, cash equivalents and short-term investments amounted to 45.6 billion yuan.
After the release of the financial report, Pinduoduo rose more than 16% in pre-market trading.
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