Pinduoduo's loss narrows to $115.6m in Q3
The company's monthly active users surged 50% during the quarter.
Pinduoduo posted a net loss attributable to ordinary shareholders of $115.6m (RMB784.7m) in Q3, narrowing from $353.45m (RMB2.34b) in Q3 2019, the company announced. Total revenues soared 89% to $2.09b (RMB14.21b) over the same period.
The growth was attributed to a continued investment in user engagement, which resulted in strong growth of monthly active users (MAUs) and active buyers, commented Pinduoduo's CEO Lei Chen.
Average MAUs in the quarter surged 50% to 643.4 million, from 429.6 million in the same quarter of 2019. Active buyers in the 12-month period ended on 30 September also rose 36% YoY to 731.3 million.
Further, revenues from online marketing services and others soared 92% to $1.9b (RMB12.88b), thanks to higher advertising demand from merchants on our platform given continued advancement in our brand and market position.
Likewise, revenues from transaction services expanded 66% to $196.2m (RMB1.33b) following a higher gross merchandise value (GMV) that leapt 75% to $214.7b (RMB1.46b).
Basic and diluted net loss per ADS were $0.10 (RMB0.66), compared with $0.30 (RMB2) in the same quarter of 2019.