Pinduoduo is the target of a fresh wave of online criticism for its alleged coverup through its punishment of the whistleblower.
Pinduoduo is jumping on strong investor sentiment following its positive Q3 earnings to raise cash for new business channels and expenses.
Pinduoduo shares jumped 22% on Tuesday after reporting a quarterly* *profit for the first time since it began trading on Nasdaq in 2018. Basic earnings per share was RMB 1.93 ($0.3) for the second quarter ended June 30, compared to the RMB 0.75 net loss per share in the same period last year. Total revenue increased 89% year on year to RMB 23 billion, missing the average market expectation of RMB 26 billion. The firm also announced a “10 Billion Agriculture Initiative” to address critical agricultural and rural needs in China. Pinduoduo pledges to invest all of its profits in the current and coming quarters to the initiative. [Pinduoduo press release]
Facing intensified competition in China’s e-commerce market, Pinduoduo has focused on “digitizing agriculture” and the grocery sector.
Colin Huang, the Pinduoduo founder, stepped down as chairman. Alibaba is said to be planning to launch Taobao Deals on WeChat as a mini program.
The results renewed investor confidence in Pinduoduo, which had missed expectations in earlier quarters and faced scrutiny for its continued losses.
Chinese e-commerce company Pinduoduo posted mixed results for the first quarter of this year on Friday. Why it matters: The fallout from the Covid-19 outbreak weighs on the Q1 performances of Chinese e-commerce platforms. Similarly, JD released slowed-down Q1 revenue in mid-May. Pinduoduo, a strong competitor to JD’s runner-up position in China’s e-commerce market, surpasses its e-commerce […]
Pinduoduo unveils its own payment tool, Nanjing market watchdog steps up regulation on community-based grocery e-commerce market.
The new Pinduoduo mini program marks the e-commerce giant’s latest move to increase user engagement by boosting social interactions.
Pinduoduo founder Colin Huang left his role as CEO just as his net worth exploded by $25 billion and contributor Michael Norris has a question: what gives?