The Number of Active Yearly Buyers Has Reached 628 Million and Continues to Maintain High Growth
On May 22, the new e-commerce platform Pinduoduo released its first-quarter 2020 financial report, revenue was CNY 6.54 billion, an increase of 44% year-on-year. 1) The net loss attributable to Pinduoduo shareholders was CNY 4.12 billion (approximately USD 581.8 million ), compared with a net loss of CNY 1.878 billion in the same period last year. The annual number of active buyers has reached 628 million, a single quarter increase of 42.9 million; compared with the same period in 2019, an increase of 185 million. 2) The average monthly active users reached 487 million, an increase of 198 million compared with the same period in 2019. As of the end of March, the average annual expenditure of each active buyer reached 1842.4 yuan. At the end of 2019, this figure was CNY 1720.1. 3) The total amount of cash and cash equivalents held was CNY 69.5 billion (approximately USD 9.8 billion), compared to CNY 68.6 billion as of December 31, 2019.