Pinduoduo announces revenue increase in second quarter

Chinese e-commerce platform Pinduoduo Inc reported on Monday night that its revenue came in at 31.44 billion yuan ($4.5 billion) for the second quarter of this year, an increase of 36 percent year-on-year, while its net income attributable to ordinary shareholders surged 268 percent on a yearly basis to 8.9 billion yuan.

"We saw a recovery in consumer sentiment in the second quarter especially during the 618 shopping festival; a reflection of the resilience of overall consumption," said Chen Lei, chairman and CEO of Pinduoduo.

The company said during the June 18 mid-year shopping carnival, the sales of smartphones and household appliances jumped 148 and 103 percent year-on-year, while the transaction volume of beauty and cosmetics products increased by 122 percent year-on-year.

"The postponement of certain projects and lower business-related expenses during the first half of the quarter affected overall expenses in short term," said Liu Jun, vice-president of finance of Pinduoduo. "Looking ahead, we will stay dedicated to investing in areas such as agriculture and R&D to better serve our consumers."