Pinduoduo, the 3rd largest e-commerce giant from China, has had a great year.
The company's revenues have soared and so has its profits, according to its Q3 2021 report.
Pinduoduo's Q3 results
- Pinduoduo made $256.7 million in net profit for the third quarter of 2021.
- This is a massive change from a year ago, where the company made a net loss of $122.8 million during the same period.
- Pinduoduo's total revenues also rose significantly by 51%, standing at $3.3 billion.
What drove Pinduoduo's Q3 growth
- A large part of Pinduoduo's growth was attributed to online marketing services, ranging from advertising, marketing campaigns, and product launches.
- Online marketing services brought in $2.7 billion in revenues, growing by 44% compared to the previous year.
- Monthly active users also grew significantly, standing at 741.5 million users — a 15% increase from the same period last year.
Pinduoduo's Q4 plans and beyond
- Pinduoduo will double-down on R&D investments to introduce new offerings as well as improve its existing range of products.
- These includes deepening their digital inclusion efforts in agriculture.
- Pinduoduo is also promoting more young leaders to critical roles in the next six to 12 months.