Shulou(Shulou.com)11/24 Report--

According to CTOnews.com news on November 28, pinduoduo announced unaudited financial results for the third quarter of 2022 this evening. Revenue for the third quarter was 35.5 billion yuan, with an estimated 30.9 billion yuan, an increase of 65.1 percent over the same period last year, higher than market estimates.

Non-GAAP2 operating profit in the third quarter was 12.3015 billion yuan ($1.7293 billion), compared with 3.2607 billion yuan in the same period in 2021.

Net profit attributable to common shareholders in the third quarter was 10.5886 billion yuan ($1.4885 billion), compared with 1.64 billion yuan in the same period in 2021.

Non-GAAP net profit attributable to common shareholders was 12.4472 billion yuan ($1.7498 billion) in the third quarter, compared with 3.1502 billion yuan in the same period in 2021.

After the news, pinduoduo's US stock rose more than 10 per cent before trading.

CTOnews.com learned that the financial report showed that pinduoduo continued to increase investment in technological innovation in the third quarter. Under US general accounting standards, R & D spending rose 11.4% year-on-year to 2.7 billion yuan in the current quarter.

Pinduoduo said that the 65.1 per cent year-on-year increase in revenue was mainly due to an increase in revenue from online marketing and trading services, which was offset by a decline in revenue from commodity sales.

Online marketing services and other revenue was 28.4256 billion yuan ($3.996 billion), up 58 percent from 17.9465 billion yuan in the same period in 2021.

Revenue from trading services was 7.0223 billion yuan ($987.2 million), up 102 per cent from 3.4771 billion yuan in the same period in 2021.

Revenue from merchandise sales was 56.4 million yuan ($7.9 million), down 31% from 82.1 million yuan in the same period in 2021.

The total cost was 7.4141 billion yuan ($1.0423 billion), up 13% from 6.5586 billion yuan in the same period in 2021. The increase is mainly due to the increase in performance costs and payment processing fees.

Total operating expenses were 17.6536 billion yuan ($2.4817 billion), up 38 percent from 12.8078 billion yuan in the same period in 2021.

Sales and marketing expenses were 14.0488 billion yuan ($1.975 billion), up 40% from 10.0506 billion yuan in the same period in 2021, mainly due to increased spending on promotions and advertising activities.

General and administrative expenses were 906.6 million yuan ($127.4 million), an increase of 171% from 334.8 million yuan in the same period in 2021, mainly due to an increase in employee-related expenses.

The cost of R & D was 2.6982 billion yuan ($379.3 million), up 11% from 2.4224 billion yuan in the same period in 2021. This increase is mainly due to the increase in the number of employees and the recruitment of more experienced R & D personnel.

Liu Jie, vice president of finance of pinduoduo, said that the book profit of this quarter has temporarily increased, and the investment of some projects has been delayed, which can not fully reflect the actual production and operation of the company. We will further increase investment to promote scientific and technological innovation and supply-side upgrading, and use technology to create long-term value.

Chen Lei, chairman and CEO of pinduoduo, said, "We will continue to take root in industry, increase investment in research and development, and further help rural entity development, supply chain efficiency and create more value."

Welcome to subscribe "Shulou Technology Information " to get latest news, interesting things and hot topics in the IT industry, and controls the hottest and latest Internet news, technology news and IT industry trends.